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Market strategist: Rate hikes could be quite significant for banks
02:27 - Source: CNNBusiness
Economy 15 videos
Kristina Hooper Invesco
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Market strategist: Rate hikes could be quite significant for banks
02:27
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MIRAMAR, FLORIDA - OCTOBER 27: In this aerial view, single family homes are shown in a residential neighborhood on October 27, 2022 in Miramar, Florida. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Mortgage rates surpassed 7% for the first time since April 2002. (Photo by Joe Raedle/Getty Images)
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A person prepares to pump gas at a BP gas station on Coney Island Avenue on October 19, 2022 in the Flatbush neighborhood of Brooklyn borough in New York City. President Joe Biden announced the sale of an additional 15 million barrels from the Strategic Petroleum Reserve. The announcement was made three weeks before the Midterm Elections and the move is expected to meet the administrations goal of releasing 180 million barrels from the Strategic Petroleum Reserve to counter the rising gas prices due to Russia's invasion of Ukraine.
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Customers browse racks of clothing as they shop inside a discount department retail store in Las Vegas, Nevada, on May 7, 2022. - The US economy added a better-than-expected 428,000 jobs in April, with the unemployment rate remaining at a low 3.6 percent, the Labor Department reported. The data pointed to continued strong employment growth and contained hints that some inflationary pressures may be easing, with workers' wages rising less than in March. But investors remain anxious that rising prices and higher interest rates will hit consumers, slowing the economy's expansion in the second half of 2022. (Photo by Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
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New York CNN Business  — 

Jamie Dimon got a $3 million raise in 2021, JPMorgan Chase disclosed in a filing late Thursday.

The raise boosts the pay for the CEO of the nation’s largest bank by 9.5%, to $34.5 million. The pay package includes a base salary of $1.5 million and a $5 million cash bonus — both unchanged from 2020 — while the remaining $28 million came in stock.

Last week, JPMorgan reported record annual revenue of $125.3 billion and net income of $48.3 billion. The bank also increased its quarterly dividend from 90 cents to $1 per share and continued to strengthen its balance sheet.

JPMorgan (JPM) shares were up 25% in 2021, but they’re down 7% so far this year because of concerns that high inflation will lead the Federal Reserve to hike interest rates.

The median annual compensation of a JPMorgan employee was $80,102 as of December 31, 2020, according to an earlier filing. The company has yet to disclose its most recent compensation for a typical employee, but Dimon’s 2020 compensation represented 395 times the average JPMorgan worker’s pay package.