JPMorgan Chase CEO: Newspaper Industry Pay ‘Just Damned Outrageous’

The following article is brought to you by Bonnie Kavoussi at HuffingtonPost.Com.

The chief executive of the biggest bank in the United States says journalists are ridiculously overpaid.

At the company’s annual investor day, JPMorgan Chase CEO Jamie Dimon called the percentage of newspaper company revenue paid out to employees “just damned outrageous,” according to Bloomberg News. “Worse than that, you [the media] don’t even make any money!”

Dimon then defended his company’s own pay levels, arguing it necessary in the struggle to retain top talent. “We are going to pay competitively,” he said, according to the WSJ. “We need top talent, you cannot run this business on second-rate talent.”

Dimon himself took home roughly $23 million in 2011, about the same as the year before, according to Bloomberg. Compare that to newspaper reporters, who earn an average salary of $43,780 according to the Bureau of Labor Statistics, or between$20,000 and $60,000 per year according to Payscale.

For fun, let’s just compare a bit more. The average reporter at The New York Timesearns about $93,000 per year, according to Glassdoor.com. The New York Times Company reported an operating profit of $56.7 million in 2011.

Dimon’s salary not only dwarfs that of us media-folk; he’s also making millions more than most of his employees. The average JPMorgan employee made $341,552 last year, according to Bloomberg News.

But that number could drop. The bank warned its employees in November that their pay and bonuses might be lower depending on the company’s performance, according to Bloomberg. The company ultimately turned a $19 billion profit in 2011.

CHASEHOMEFINANCESUX RESPONSE: Jamie Dimon claims that the media doesn’t even make money. Well at least they didn’t abuse their fellowman, lose money and destroy the Country like you did Mr. Dimon. And sadly, you believe you should get highly paid for your help, in the destruction of the economy? But I’m so glad that you Mr. Dimon , want to talk trash to journalists and the media, that will definitely make them portray you in a better light. lol

Tags: , ,

Leave a Comment