After nearly two decades at the helm of America’s largest bank by assets, Jamie Dimon is (as FT dep ed Patrick Jenkins wrote this week) THE de facto King of Wall Street.
The JPMorgan boss certainly lives the life of a modern-day financial monarch, which naturally involves racking up hundreds of thousands of dollars in personal jet spending at company expense.
Here’s how his personal use of business jet spending has accrued over the past few years, according to JPM’s proxy filings (these refer to the prior year, so for example the 2021 edition covers 2020 flights):
Aside from the climate impact of all those air miles, they’re just pretty big numbers by most ordinary human standards, but not by Dimon’s total compensation standard or broader corporate American standards. Call it the royal prerogative.
What is gently interesting, however, is that Dimon now has a rival within JPM.
When the Dimon team moved to acquire First Republic Bank earlier this month – ending the second-largest bank failure in the United States – it acquired $93.5 billion in deposits, $30 billion in securities, $173 billion in loans, a multitude of branches, and a president who is extremely happy to fly.
James H. Herbert, II founded First Republic in the mid-1980s, spending 37 years as chief executive before moving to executive chairman last year.
According to First Republic’s own proxy filings (which it files with the FDIC, rather than the SEC), Herbert cherishes his noncommercial aircraft spending even more than Dimon:
FT Alphaville struggles to understand why the boss of a US regional bank needed to steal so much more than the boss of the biggest lender to the world’s biggest economy, and especially during the first year of the pandemic. Maybe we lack imagination.
Either way, the collapse of the First Republic means we haven’t received a new proxy statement this year – and it’s unclear whether we’ll ever uncover such details about flight spending again. of Herbert. But we have to assume he will get his wings clipped – it’s never wise to upstage the king.
Further reading
— Is this the most pizza addicted man in the world?
— XxXTREMEXxX FLIGHT SIMULATOR [MLG] {{360 VERTICAL PARKING}} N0 NO0BS [NB: contains strobing]
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