By Dhirendra Tripathi
Investing.com – JPMorgan (NYSE:JPM) stock rose 2% Wednesday as the bank’s board expressed its desire that Chairman and Chief Executive Officer Jamie Dimon “continue to lead the firm for a further significant number of years."
Dimon, a cancer survivor, has been at the helm of the Wall Street giant since 2005 and is widely regarded as a leading voice for all things finance. The board gave Dimon new stock awards as a retention incentive.
“In making the special award, the Board considered the importance of Mr. Dimon's continuing, long-term stewardship of the Firm, leadership continuity, and management succession planning amidst a highly competitive landscape for executive leadership talent,” the board said, according to a note JPMorgan sent to the SEC.
During Dimon’s tenure, JPMorgan’s total net revenue has more than doubled to $122.9 billion from $54.53 billion and its asset size has grown to $3.02 trillion from $1.19 trillion.
The bank awarded Dimon 1.5 million in stock awards that can't be exercised for at least five years.