The slowing financial system has prompted buyers in plenty of firms to demand a reduce in government compensation. And underneath strain, some firms acquiesced.

The final to win much less is JPMorgan Chase CEO Jamie Dimon, who will earn the identical base wage in 2023 because the earlier yr, however won’t obtain any further “particular rewards”. He’ll obtain a complete compensation of $34.5 million– a wage of $1.5 million plus a bonus of $33 million, JPMorgan Chase mentioned in regulatory filings Thursday.

Final yr, the financial institution awarded Dimon, who has served as CEO since 2006, a particular award that added $50 million to his complete compensation. However shareholders complained concerning the additional pay, which the corporate’s board determined to scrap this yr and “undertook to not give him any particular rewards sooner or later”.

In Might 2022, the shareholders of the the financial institution rejected an choices bonus for Dimon following his take house pay of $84.4 million in 2021, which included a particular reward of $52.6 million.

Over the previous yr, JP Morgan’s earnings have fallen by virtually 1 / 4 whereas its shares have fallen by round 17%.

In its regulatory filings, the financial institution praised Dimon’s work in 2022. “Amid important challenges from stiff competitors, rising geopolitical tensions, international financial uncertainty, rising inflation and rising rates of interest greater, and lingering impacts of Covid-19, underneath Mr. Dimon’s management. , the corporate has continued to serve its shoppers and prospects around the globe throughout a time of unprecedented enterprise calls for,” the financial institution mentioned.

In the meantime, Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon had been every paid $35 million in 2021. Their wage for 2022 has not but been disclosed.

Lately, a rising dialog about government compensation and financial inequality has been hotly debated. Government compensation has elevated 1,460% since 1978, in accordance with a examine by the Financial Coverage Institute Final yr. In 2021, CEOs earned 399 instances greater than a typical employee.

Some CEOs have advisable their very own pay cuts, though they’ve coincided with criticism from shareholders. Final week, Apple mentioned CEO Tim Prepare dinner’s wage could be slashed 40% for 2023 after buyers complained concerning the $84 million he earned in 2022. In sound proxy assertion, Apple mentioned Prepare dinner’s goal compensation this yr could be round $49 million.