CEO pay

As economy booms, Wall Street bonuses shrink

Illustration of a hand holding out a tiny stack of cash.
llustration: Aïda Amer/Axios

Brace yourself: New York city officials estimate the pool of money allocated to bonus payouts by Wall Street firms will shrink by at least 9% this year — to about $25 billion from the $27.5 billion doled out in 2018.

Why it matters: A surging stock market and low unemployment rate don’t mean that bonuses in the securities industry will keep growing and growing.

JP Morgan's Dimon calls wealth gap a huge problem but defends CEO pay

Jamie Dimon, Chair and CEO of JP Morgan Chase, takes his seat to testify before the House Financial Services Commitee in Washington Wednesday April 10
JPMorgan Chase CEO Jamie Dimon prepares to testify before the House in April 10. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

JPMorgan Chase CEO Jamie Dimon told CBS' "60 Minutes" in an interview broadcast Sunday that the wealth gap in the U.S. is a "huge problem."

Details: When CBS journalist Lesley Stahl asked him if the $31 million he was paid last year was too much, he replied he had "nothing to do with" the payment decision and questioned whether returning some of the money would "solve any of those problems."