(Bloomberg) -- JPMorgan Chase & Co. lifted Chief Executive Officer Jamie Dimon’s pay to $39 million for 2024, a year in which the biggest US bank beat its own record for the highest annual profit in the history of American banking. 

The board granted Dimon a $1.5 million salary and $37.5 million of performance-based incentive compensation, according to a regulatory filing. His pay is up 8.3% from 2023, when he earned $36 million.

“During the year, under Mr. Dimon’s stewardship, the firm continued to serve clients and customers against a dynamic global macro backdrop characterized by ongoing geopolitical tensions and economic uncertainty,” the board said in the filing.

Dimon, 68, has run JPMorgan for nearly two decades, building it into the biggest US bank. The firm had $58.5 billion in profit last year, a period in which the stock rose 41%. 

The firm also said that, as with last year, Dimon and his family plan to sell about 1 million shares “for financial diversification and tax-planning purposes.” The billionaire CEO and his family currently hold roughly 7.5 million shares. 

The question of when Dimon will retire, and who might succeed him, has hung over JPMorgan for years. Dimon recently abandoned a longtime joke that retirement was five years away, no matter when asked. The firm shuffled its top ranks last week for the second time in a year.

“As part of their evaluation and determination, the board considered Mr. Dimon’s continued development of top executives to lead for today and the future,” the board wrote in the filing. 

JPMorgan is the second major bank to announce CEO pay for 2024. Goldman Sachs Group Inc. awarded CEO David Solomon $39 million, up 26% increase from a year earlier, and also handed him and President John Waldron retention awards valued at $80 million each to entice them to stick around. 

(Updates with additional compensation details starting in fifth paragraph.)

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