"The optics around the pay feeds the Big Brother banking beast, especially given a 74% raise so soon after $13bn of regulatory fines," writes Mayo, who has clashed with Dimon on more than one occasion over the years.
While Dimon defenders say the pugnacious CEO shouldn't be held responsible for problems inherited from Washington Mutual and Bear Stearns, Mayo begs to differ.
Among several points, Mayo notes that earlier JPMorgan proxies cited benefits from the WaMu and Bear Stearns deals in justifying higher pay for top JPMorgan executives.
"If management is going to get paid more money due to the benefits from these acquisitions, it seems to make sense that pay should also reflect material harm from these deals," the analyst writes.
JPMorgan shares were up 0.07% mid-Monday to $55.13 after losing 2.4% on Friday, when Dimon's pay package was disclosed and the broader market fell sharply on concerns over emerging markets instability.