Friday, April 8, 2011

How Would You Like to Be Head of Corporate Comms at Chase?

How would you like to be the head of corporate communications for JPMorgan Chase & Co.?

Chief Executive Officer Jamie Dimon’s total compensation skyrocketed almost 1,500 percent to $20.8 million in 2010 from $1.3 million a year earlier, based on a U.S. Securities and Exchange Commission compensation formula regulatory filing.

By comparison, real median U.S. household income was just $49,777 in 2009, according to the U.S. Census Bureau and certainly did not jump 1,500 percent in 2010, at least mine didn’t.

With all the negative news about U.S. banks during the past two years, and the hike in bank fees and the precipitous drop in bank interest rates, it will be challenging for the Chase PR folks to justify their boss’ pay, perks and bonuses.

I’m a Chase customer, and my savings account interest rate is almost a negative number, now, and on top of that, I got an e-mail from Chase a few days ago, explaining their vendor, who sends out all of their irritating marketing e-mail, had not encrypted my name and e-mail address, and millions of my co-customers e-mail addresses had been stolen.

The thieves probably sold our addresses to spam merchants who will soon be bombarding our in-boxes with more unwanted junk e-mail – at the best – and just as likely filling our in-boxes with programs that can take over our computers and infect them with viruses.

If you read the story about Dimon’s humongous pay increase, you probably did feel sorry for him, at least for a moment. He changed jobs and moved from Chicago to New York City, and had trouble selling his house in 2010. But don't worry about him, Chase reimbursed him $421,458 for some of his "moving expenses."

No comments:

Post a Comment