Is JPMorgan’s CEO Apology Worthy Enough for Wall Street Redemption?

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Jamie Dimon, Chief Executive Officer of JPMorgan Chase and Co. (NYSE:JPM), is discussing the bank’s recent trading blunder to the Senate Banking Committee on Wednesday morning. Last month, America’s largest bank by assets announced in a special conference call that it lost at least $2 billion on “egregious mistakes.” Dimon explained, “We have egg on our face, and we deserve any criticism we get.” While the lost, which is expected to be much larger by now, is noteworthy, JPMorgan is hardly the only bank that has performed poorly in recent years. Furthermore, Dimon is not the only CEO that shareholders should be concerned about.

Since the credit bubble popped in 2008, the financial sector has been on a wild ride, but through the thick, top executives of major financial institutions have weathered the storm better than most. Unfortunately, high pay packages do not necessarily spill over into positive share performance for investors. A recent study by Bloomberg Markets Magazine took a look at the worst CEOs in regards of shareholder returns for the buck. Laura Marcinek and Nikolaj Gammeltoft compiled a list of the top 10 worst executives by calculating the percentage point return on the CEO’s company per $1 million in incentive pay the CEO received in 2011. Dimon made the cut, but failed to take the top spot.

Listed below are the top ten worst CEOs for the money:

Vikram Pandit, Citigroup Inc. (NYSE:C): Received $7.84 million incentive pay in 2011, but shares plunged 60.66 percent through 2009-2011 fiscal years.

Walter Bettinger, Charles Schwab Corp. (NYSE:SCHW): Received $9.13 million incentive pay in 2011, but shares dropped 27.16 percent through 2009-2011 fiscal years.

Frederick H. Waddell, Northern Trust Corp. (NASDAQ:NTRS): Received $9.18 million incentive pay in 2011, but shares fell 18.48 percent through 2009-2011 fiscal years.

Thomas Wilson, Allstate Corp. (NYSE:ALL): Received $8.85 million incentive pay in 2011 and shares declined 8.36 percent through 2009-2011 fiscal years.

John Stumpf, Wells Fargo & Co. (NYSE:WFC): Received $15.10 million incentive pay in 2011, but shares edged 1.84 percent lower through 2009-2011 fiscal years.

Daniel Amos, Aflac Inc. (NYSE:AFL): Received $12.58 million incentive pay in 2011, but shares only increased 2.64 percent through 2009-2011 fiscal years.

Kelly King, BB&T Corp. (NYSE:BBT): Received $4.77 million incentive pay in 2011, with shares gaining just 1.97 percent through 2009-2011 fiscal years.

Joseph W. Saunders, Visa Inc. (NYSE:V): Received $9.94 million incentive pay in 2011. Shares increased 5.79 percent through 2009-2011 fiscal years.

Jamie Dimon, JPMorgan (NYSE:JPM): Received $17 million incentive pay in 2011. Shares gained 10 percent through 2009-2011 fiscal years.

Lloyd Blankfein, Goldman Sachs (NYSE:GS): Received $10.71 million incentive pay in 2011, with shares increasing 10.79 percent through 2009-2011 fiscal years.

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