After practically twenty years on the helm of the US’s greatest financial institution by belongings, Jamie Dimon is (as FT dep ed Patrick Jenkins wrote this week) the de facto King of Wall Avenue.
The JPMorgan boss definitely lives the lifetime of a modern-day monetary monarch, which naturally entails racking up tons of of 1000’s of {dollars} of non-public jet spending on the corporate dime.
Right here’s how his private use of company plane spending has stacked up over current years, in keeping with JPM’s proxy filings (these seek advice from the prior yr, so eg the 2021 version covers 2020’s flying):
Placing apart the local weather impression of all these air miles, these are merely fairly large cash numbers by most common people’ requirements, though not by the usual of Dimon’s total compensation or broader US company requirements. Name it the royal prerogative.
What’s mildly fascinating, nevertheless, is that Dimon now has a rival inside JPM.
When Crew Dimon stepped in to acquired First Republic Financial institution at first of this month — bringing the US’s second-biggest banking failure to shut — they acquired $93.5bn of deposits, $30bn of securities, $173bn of loans, a slew of branches, and one extraordinarily flight-happy chairman.
James H. Herbert, II based First Republic within the mid-Eighties, spending 37 years as its chief govt earlier than shifting to the function of govt chairman final yr.
Per First Republic’s personal proxy filings (which it information with the FDIC, moderately than the SEC), Herbert treasures his non-commercial plane bills much more than Dimon:
FT Alphaville finds it arduous to determine why the boss of a regional US financial institution wanted to fly a lot greater than the boss of the most important lender on the earth’s greatest financial system, and significantly a lot through the first yr of the pandemic. Maybe we’re simply unimaginative.
Both approach, First Republic’s collapse means we didn’t get a brand new proxy assertion this yr — and it’s not clear if we’ll ever once more discover out such specifics about Herbert’s flight spending. However we’ve got to imagine he’ll be getting his wings clipped — it’s by no means sensible to overshadow the king.
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