Jeremy Barnum
JPMORGAN CHASE &About Jeremy Barnum
Jeremy Barnum is Chief Financial Officer of JPMorgan Chase & Co., appointed in May 2021 after serving as Head of Global Research for the Corporate & Investment Bank and, prior to that, Chief Financial Officer and Chief of Staff for the Corporate & Investment Bank from 2013 through early 2021 . During 2024 under the firm’s leadership team, JPMorgan reported record net income of $58.5B, revenue of $177.6B, ROE of 18%, and ROTCE of 22% . His CFO remit includes balance sheet, capital and liquidity management, expense discipline, forecasting/reporting modernization, and regulatory advocacy (e.g., Basel 3 Endgame, GSIB) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JPMorgan Chase, Corporate & Investment Bank | CFO & Chief of Staff | 2013–early 2021 | Led CIB finance and staff, supporting controls and execution across a global franchise |
| JPMorgan Chase, Corporate & Investment Bank | Head of Global Research | Not disclosed | Led research franchise; developed insights supporting markets and client advisory |
| JPMorgan Chase & Co. | Chief Financial Officer | May 2021–present | Managed firm balance sheet, capital/liquidity, interest rate risk; improved forecasting/reporting; advanced regulatory advocacy and investor communications |
External Roles
Not disclosed.
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $750,000 | $750,000 | $1,000,000 (OC salary raised to $1.0M effective Jan 1, 2024) |
| Cash Incentive ($) | $4,500,000 | $5,700,000 | $6,530,000 |
| Total Annual Compensation ($) | $12,000,000 | $15,000,000 | $17,325,000 |
Performance Compensation
| Element | 2022 | 2023 | 2024 |
|---|---|---|---|
| RSUs – grant date fair value ($) | $3,375,000 | $4,275,000 | $4,897,500 |
| PSUs – grant date fair value ($) | $3,375,000 | $4,275,000 | $4,897,500 |
| Mix (variable pay) | 40% Cash / 30% RSUs / 30% PSUs (standard for U.S. OC members) | 40% Cash / 30% RSUs / 30% PSUs | 40% Cash / 30% RSUs / 30% PSUs |
2024 award details and vesting:
- RSUs: 25,723 units granted on Jan 16, 2024; vest 50% on Jan 13, 2026 and 50% on Jan 13, 2027; grant-date fair value $4,275,000 .
- PSUs: Target 25,723 (max 38,584) granted on Jan 16, 2024; cliff-vest Mar 25, 2027, subject to a two-year hold to 2029; payout 0–150% based on absolute and relative ROTCE, with risk-based hurdles .
PSU performance framework and risk features:
- Metric and scale: Absolute ROTCE goal set at ≥18% for max payout; <6% results in zero; relative ROTCE vs PSU peers (BAC, BCS, COF, C, DB, GS, HSBC, MS, UBS, WFC) limits above-target payout to majority outperformance; median relative performance yields below target; top ranking yields 150% payout .
- Risk hurdles: If CET1 ratio <8% at any year-end, up to one-third of unvested PSUs may be reduced; awards subject to protection-based vesting and clawbacks .
Clawback and protection-based vesting triggers (apply to cash and equity):
- Restatement, misconduct, risk failures, materially inaccurate metrics, termination for cause; protection-based triggers include any year with negative pre-tax pre-provision income and failing a cumulative 15% ROTCE threshold over the prior three years (for OC equity awards) .
Equity Ownership & Alignment
| Ownership (as of record date) | Amount |
|---|---|
| Common stock owned outright (#) | 44,786 |
| SARs/Options exercisable within 60 days (#) | — |
| Additional underlying stock units (#) | 146,423 (includes unvested RSUs/PSUs and deferred units) |
| Total beneficial ownership (#) | 191,209 |
Unvested equity at fiscal year-end 2024:
| Award Type | Units Not Vested (#) | Market Value ($) |
|---|---|---|
| RSUs | 88,376 | $21,184,611 (at $239.71) |
| PSUs (maximum eligible incl. dividend equivalents) | 76,922 | $18,438,973 (at $239.71) |
Ownership policy and risk controls:
- Stock ownership guidelines for OC members: accumulate 200,000–400,000 shares or $10M–$30M within six years; retain 75% of net shares until guideline met and 50% thereafter (75% for CEO) .
- Anti-hedging/anti-pledging: OC/Board members cannot hedge or pledge shares; unvested RSUs/PSUs and unexercised options/SARs cannot be hedged or pledged .
Employment Terms
Termination and change-in-control economics (firm-wide policies; no employment agreement):
- At-will employment; no golden parachute agreements; severance capped at one year salary, not exceeding $400,000; standard broad-based plan coverage for U.S. NEOs .
- “Full-career eligibility” resignation: equity continues to vest per schedule if, during vesting, the employee does not perform services for a financial services company or work in their profession; Government Office provision applies where full-career not met .
Jeremy Barnum—Illustrative 12/31/2024 termination table:
| Termination Scenario | Severance & Other ($) | RSUs Continuing/Accelerated ($) | PSUs Continuing/Accelerated ($) | Change in Control ($) |
|---|---|---|---|---|
| Involuntary without cause | $376,923 | $14,114,125 | $19,255,590 | $0 |
| Disability | — | $14,114,125 | $19,255,590 | — |
| Death | — | $14,114,125 | $22,291,054 | — |
| Resignation (full-career eligibility) | — | $14,114,125 | $19,255,590 | — |
Pension/Deferred Compensation:
- Pension present value: Retirement Plan $227,528 (23 years of credited service) .
- Non-qualified deferred compensation: No contributions, withdrawals, or distributions in 2024; no aggregate balance disclosed for Barnum .
Performance & Track Record
- 2024 firm performance: Revenue $177.6B, net income $58.5B, EPS $19.75, ROE 18%, ROTCE 22% .
- CFO performance summary (2024): Managed balance sheet, capital/liquidity, interest rate risk; drove expense discipline; improved forecasting/reporting and finance/treasury data strategy; integrated First Republic and new CIB segment reporting; engaged on Basel 3 Endgame/GSIB; strengthened investor/regulatory communications .
- OC pay determination: Balanced assessment with ~50% weighting to business results and ~50% to risk/controls/conduct, client/customer/stakeholder, teamwork/leadership .
Governance, Peer Benchmarking, and Shareholder Feedback
- Compensation peer group used for benchmarking: American Express, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Wells Fargo .
- Say-on-Pay approval: 91% shareholder support at the 2024 annual meeting, indicating investor endorsement of pay-for-performance design .
Investment Implications
- Pay-for-performance alignment: Barnum’s compensation is equity-heavy with PSUs tied to rigorous ROTCE thresholds (absolute ≥18% for max; <6% zero) and relative performance vs major peers, aligning incentives with capital efficiency and multi-year profitability .
- Retention and selling pressure: Material unvested RSUs/PSUs ($39.6M as of YE 2024) vest on specific dates, but strict retention requirements (75% until guideline) and anti-pledging policies mitigate near-term selling pressure and alignment risks .
- Downside risk controls: Robust clawback and protection-based vesting (e.g., negative pre-tax pre-provision income, ROTCE thresholds) and CET1-based risk hurdles reduce moral hazard and promote safety-and-soundness behaviors in finance stewardship .
- Separation economics: No golden parachutes and capped severance ($376,923) indicate conservative termination economics; continued vesting under full-career eligibility embeds post-employment non-compete-like constraints, lowering adverse incentive risks .