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JPMorgan lifts CEO Dimon's 2013 pay to $20 million after executive settles claims against bank

FILE - In this Sept. 26, 2013 file photo JPMorgan Chase Chairman, President and Chief Executive Officer Jamie Dimon, arrives at the Department of Justice in Washington. Morgan Chase almost doubled Chairman and CEO Jamie Dimon's pay for 2013, the bank said on Friday, Jan. 24, 2014 that Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million. (AP Photo/Manuel Balce Ceneta, File)

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FILE - In this Sept. 26, 2013 file photo JPMorgan Chase Chairman, President and Chief Executive Officer Jamie Dimon, arrives at the Department of Justice in Washington. Morgan Chase almost doubled Chairman and CEO Jamie Dimon's pay for 2013, the bank said on Friday, Jan. 24, 2014 that Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million. (AP Photo/Manuel Balce Ceneta, File)

NEW YORK, N.Y. - JPMorgan Chase almost doubled Chairman and CEO Jamie Dimon's pay for 2013, rewarding the executive for settling probes against the bank.

Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million, the bank said in a statement Friday.

That compares with total compensation of $11.5 million a year earlier, down from $23 million in each of the previous two years.

The bank says it took several factors into account when deciding on Dimon's pay, including the "sustained long-term performance" of the bank, gains in market share and customer satisfaction as well as his handling of the legal issues facing the lender.

JPMorgan agreed in November to pay $13 billion in a settlement with the Department of Justice and acknowledged that it misled investors about the quality of risky mortgage-backed securities ahead of the 2008 financial crisis. The bank was among the major lenders that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007.

Earlier this month, the bank reached an agreement to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff's private investment service.

JPMorgan's stock price climbed $14.51, or 33 per cent, to $58.48 in 2013, a bigger gain than Standard & Poor's 500 index, which rose almost 30 per cent.

The bank's net income fell 16 per cent to $17.9 billion in 2013, from $21.3 billion a year earlier.

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