JPMorgan Chase is granting Jamie Dimon a “special award” of 1.5m share options that it said reflected the board’s desire for one of the longest-serving chief executives on Wall Street to stay at the bank for a “significant number of years”.
The board is awarding Dimon the options in the form of “stock appreciation rights” that he can exercise at Tuesday’s average price of $148.73, which will allow him to make a profit if the bank’s stock rises above that level in the coming years.
JPMorgan’s internal model forecasts that the options would yield a profit to 65-year-old Dimon of about $49m after a 10-year vesting schedule, according to people familiar with the matter.