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The Boston Globe

Business

After $6b loss, JPMorgan cuts CEO pay

But with $11.5m package he’s still richly rewarded

NEW YORK — America’s best-known banker is getting a big pay cut. JPMorgan Chase said Wednesday that it will dock the pay of CEO Jamie Dimon by more than half, to $11.5 million from $23 million.

It’s the latest fallout from an embarrassing trading loss at the bank last year, one that ballooned to $6 billion. Its ripple effects have been numerous, forcing Dimon to appear contritely before Congress and putting the bank in the cross hairs of regulators and lawmakers.

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