JP Morgan boss Jamie Dimon defends £ 22million package

THE boss of Bournemouth’s largest private employer, JP Morgan, has defended his salary of US $ 31.7million (£ 22.3million) for 2020.

Jamie Dimon was among the heads of banks who appeared before U.S. senators to face criticism over their actions during the pandemic.

Senate Banking Committee Chairman Sherrod Brown criticized Mr Dimon, who is the chairman and CEO of JP Morgan, for the gap between his salary and that of workers.

But Mr Dimon said, “My compensation is set by the board. They look at several factors. ”

He said the company takes “very good care of our employees” in training, health care and retirement.

Mr Dimon engaged in a frantic exchange with Massachusetts Senator Elizabeth Warren, who said JP Morgan collected more than its competitors in overdraft fees from U.S. clients.

The bank collected US $ 1.46 billion (£ 1.03 billion) as part of the charge, the Senate said.

She said: “You and your colleagues have come today to talk about how you have stepped up to help your customers during the pandemic. This is a bunch of nonsense.”

Mr Dimon said the bank waived overdraft fees for customers who requested it, but refused to commit to reimbursing them for others.

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