And yet another reason why Jamie Dimon is against regulation. This particular expense may not be regulated but if clowns like him can't control obnoxious expenses like this, it just may need to happen. Moving expenses are normal for many working people who are transferred though this amount is extreme, to say the least. The guy is a walking PR disaster for an already despised industry. No matter what Dimon and rest of his banking colleagues may say, they all would have been on the street and bankrupt had the taxpayers not bailed them out. CNNMoney:
JPMorgan forked over $421,458 last year to compensate Dimon for moving costs incurred as he moved his family from Chicago to New York. Yes, moving is hell, but you don't know the half of it.Enough is never enough for the bankers like Dimon.
This is the second time in three years that the bank picked up a six-figure sum for Dimon's relocation – which ended up taking five costly years from end to end. The bank has kicked in $617,734 since 2008 to cover the move.
Of course, there is nothing very novel about companies picking up the CEO's moving expenses. "The payment of these expenses is in accordance with the firm's general policy on relocation expenses, applicable to all eligible employees who relocate at the request of the firm," JPMorgan Chase notes.
