????眼下正是美國最大銀行摩根大通（JPMorgan）首席執(zhí)行官吉米?戴蒙收獲的時候，而且他的收成要好于去年。

????經(jīng)過激烈討論和深刻反省，摩根大通董事會決定把戴蒙的年薪提高到2000萬美元【《紐約時報》（New York Times）稱，一些董事在這家銀行紐約總部大樓第50層的走廊上來來回回地踱步】。去年，董事會將這位CEO的年薪砍到了1150萬美元左右。

????此事將引發(fā)一些爭議。2013年摩根大通支付了220億美元罰款，其中一筆打破了美國歷史上對公司罰款的紀錄。有人認為應該解雇戴蒙，而不是給他漲工資。

????我以前就曾經(jīng)寫到過，涉及CEO薪酬，確定一個合理的水平非常困難。這就是為什么首席執(zhí)行官能拿到巨額酬勞的原因。他們的工資往往都會很高，但很難說什么樣的水平才算合理。因此，某些公司的董事會干脆就給他們一大筆錢。從某種意義上來說，摩根大通董事會面臨的選擇比通常情況下容易一些。他們可以采取維護公共關系的策略，也可以根據(jù)三年前的酬勞模式給戴蒙發(fā)工資。三年前戴蒙的年薪為2300萬美元。

????我敢打賭，討論過程中肯定會有人這么說：“嗯，去年我們選擇了維護公共關系，結果給我們帶來了什么呢？答案是220億美元罰款和鋪天蓋地的負面新聞。我們不如看看另外一種方案效果如何。”最后似乎是這種觀點占了上風，盡管這家銀行的董事會并沒有這么說。相反，除了宣布給戴蒙加薪，董事會公告還表示，戴蒙“鞏固了（摩根大通的）控制結構”，同時稱贊戴蒙“強化了公司各個層級的領導能力”，這樣的舉動可能會產(chǎn)生更好的公關效果。

????那么，董事會選擇第二種方案后，問題就變成了“戴蒙到底值多少？”有幾種方法來進行判斷。2011年，摩根大通盈利190億美元。當年戴蒙獲得的現(xiàn)金酬勞和受限制股份共計2300萬美元。此前我曾撰文指出，2013年戴蒙和摩根大通的表現(xiàn)相當好。即使算上罰款，它的利潤仍然接近179億美元，只比2011年低了6%。也就是說，今年戴蒙的工資偏低。按2011年的比例計算，他的年薪應該達到2160萬美元（不過，如果按去年的利潤和薪酬比例計算，戴蒙只能拿到970萬美元）。

????計算戴蒙酬勞的另一種方法是看看摩根大通的股價表現(xiàn)，因為對股東來說，這才是真正重要的東西。而從技術角度來說，股東才是戴蒙真正的老板。2011年，摩根大通的股價下跌了22%。2013年，它的股票上漲了20%。在這種情況下，戴蒙應該拿多少工資呢？我不知道，但應該遠高于2300萬美元。

????不過，薪酬顧問不會采用這樣的算法。他們看的是競爭對手的CEO會拿到多少錢。2013年，摩根大通的主要競爭對手——美銀（Bank of America）、高盛（Goldman Sachs）、摩根士丹利（Morgan Stanley）、富國銀行（Wells Fargo）和花旗集團（Citigroup）——的CEO平均薪酬為1260萬美元。因此，戴蒙的酬勞過高。但貝萊德（Blackrock）首席執(zhí)行官拉里?芬克的年薪也達到了2150萬美元。

????It's time for the CEO of America's largest bank to collect his spoils. And it's going to be a bigger bundle than last year.

????JPMorgan's board -- after some heated discussion and soul-searching (the New York Timessays some JPMorgan board members paced the 50th-floor corridors of the company's New York headquarters) -- decided to up Dimon's pay to $20 million. Last year, the board slashed the chief executive's pay to around $11.5 million.

????This will cause some controversy. JPMorgan (JPM) paid $22 billion in penalties this year, including the largest single corporate fine in U.S. history. Some people think Dimon should be fired, which is different than being given a raise.

????As I have written before, it's very hard to determine what's fair when it comes to CEO pay. That's why CEOs get away with such huge payouts. It's going to be a lot, but justifying any specific number is hard. So most boards just go with a lot. In a sense, JPMorgan's board had an easier choice than usual: They could go the PR-friendly route or pay him based on the same compensation model that three years ago deemed Dimon worth $23 million a year.

????I bet at some point in the debate, someone said something like this: "Well, we went the PR-friendly route last year, and what did it get us? Answer: $22 billion in fines and tons of negative press. Might as well see how option No. 2 works out." That argument seems to have won out. Although the board didn't say that. Instead, their statement, along with the announcement of the pay increase, said Dimon has "fortified [JPMorgan's] control infrastructure" and credited the CEO with "strengthening the Company's leadership capabilities across all levels," which is probably the better PR move.

????So, once you are going with choice No. 2, the question then becomes, "What does Dimon deserve?" There are a few ways to determine that. Back in 2011, JPMorgan made $19 billion. That year, the bank paid Dimon $23 million in cash and restricted stock. As I have written, Dimon and JPMorgan actually had a pretty good 2013. Even with the fine, the company's bottom line was nearly $17.9 billion, down only 6% from what the bank earned back in 2011. That means Dimon is getting underpaid. Using the same ratio from 2011, he should be getting $21.6 million. (Although if you go by last year's pay and profits, Dimon should only be getting $9.7 million.)

????Another way to determine Dimon's pay is to look at how JPMorgan's stock price has performed, because that's what really matters to shareholders, which are technically Dimon's true bosses. Back in 2011, JPMorgan's stock price fell 22%. In 2013, the bank's shares rose by 20%. How much does that mean he should get paid? I don't know, but a lot more than $23 million.

????That's not the way compensation consultants do it, though. They look at what competitors pay their CEOs. Last year, the CEOs of JPMorgan's closest rivals -- Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS), Wells Fargo (WFC), Citigroup (C) -- were paid an average of $12.6 million. So, then, Dimon is getting paid too much. Then again, Blackrock's (BLK) Larry Fink got $21.5 million.