Jamie Dimon will make less than last year as he joins Apple’s Tim Cook as the youngest major CEO to miss a bigger payday

The slowing economy has prompted investors in a number of companies to call for lower executive pay. And feeling the pressure, some companies have caved in.

The latest to earn less is JPMorgan Chase CEO Jamie Dimon, who will take home the same base salary in 2023 as last year but no additional “special bonus.” He will receive total compensation of $34.5 million — a salary of $1.5 million plus a $33 million bonus, JPMorgan Chase said in the regulatory filings on Thursday.

Last year, the bank gave Dimon, who has been CEO since 2006, a special bonus that increased his total compensation by $50 million. But shareholders complained about the bonus, which the company’s board scrapped this year and “pledged not to give him bonuses going forward.”

In May 2022, bank shareholders had rejected an option bonus for Dimon following his 2021 take-home salary of $84.4 million that included a special bonus of $52.6 million.

Over the past year, JP Morgan’s earnings have plummeted by almost a quarter, while shares have fallen about 17%.

In its regulatory filings, the bank commended Dimon’s work in 2022. “Amid the significant challenges of intense competition, rising geopolitical tensions, global economic uncertainty, rising inflation and higher interest rates, and the ongoing impact of Covid-19 under Mr Dimon’s leadership , the company has continued to serve its clients and customers around the world during a time of unprecedented business demands,” the bank said.

Meanwhile, Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon each received $35 million in 2021. Her pay for 2022 has yet to be announced.

In recent years, there has been increasing debate about executive compensation and economic inequality. According to a study by the Economic Policy Institute last year, executive salaries have risen 1,460% since 1978. In 2021, CEOs made 399 times what a typical worker earns.

Some CEOs have recommended their own pay cuts, despite criticism from shareholders. Last week, Apple said CEO Tim Cook’s salary would be cut by 40% for 2023 after investors complained about the $84 million he earned in 2022.