About 61% of shareholders supported the bank's 2014 compensation packages, which included a $7.4 million cash bonus for CEO Jamie Dimon, the New York-based bank said at its annual shareholder meeting in Detroit. The location was chosen to highlight JPMorgan's $100 million commitment to revitalizing the formerly bankrupt city.
Dimon faced a less contentious gathering than in years past, and none of the proposals opposed by the bank won the simple majority required for passage. Those included one from New York City Comptroller Scott Stringer, on behalf of the city's pension funds, which would have required disclosure of pay recouped from senior executives because of financial wrong-doing. The measure received only 43.8% of votes.
A few weeks ago, both Institutional Shareholder Service and Glass Lewis urged investors to vote in favor of the New York City Pension Funds' proposal on pay clawbacks. They also said investors should support splitting the roles of chairman and CEO and vote against Dimon's pay package, which totaled $20 million.
The bank's net income climbed 21% last year, to $21.7 billion, despite a dip in revenue. JPMorgan was trading at $66.98 a share Tuesday morning, for a gain of 7% so far this year.