JPMorgan’s board awarded chief executive Jamie Dimon a 4.3% raise in 2023, lifting his annual pay to $36 million after the bank posted record profits for the fiscal year.The board granted Dimon a $1.5 million salary and $34.5 million of performance-based incentive compensation, according to a regulatory filing Thursday reviewed by Bloomberg.The 67-year-old’s compensation marks a 4.3% increase from 2022, when he earned $34.5 million.“The firm is in a uniquely fortunate position to be led by such a highly ta ...

Ford Motor said Friday it would reduce production of its F-150 Lightning pickup truck, as demand for electric vehicles softens.The No. 2 US automaker said it would cut production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1. In October, the automaker said it would temporarily cut one of three shifts at the Michigan plant that builds the electric F-150 Lightning pickup truck.The announcement is the latest sign of slowing demand for EV trucks. General Motors in October postpone ...

Apple is set to face an antitrust lawsuit as soon as March, with the Justice Department preparing to argue that the tech behemoth uses anticompetitive practices to protect the dominance of the iPhone.The DOJ’s is aiming to file the suit sometime in the first quarter, which ends on March 31, people familiar with the impending case told Bloomberg — three months earlier than previously expected.However, the timing could slip. As of now, the DOJ’s most senior officials haven’t signed off on the complaint, per ...

Blackstone defaulted on the $308 million mortgage on a Manhattan office tower more than a year ago — and the debt is now up for sale at a discount of more than 50%.Special servicer Midland Loan Services was hired by brokerage Jones Lang LaSalle to sell Blackstone’s loan, which is backed by 1740 Broadway, a 26-story Art Deco-style tower between 55th and 56th streets, according to Bloomberg, citing people familiar with the matter.JLL has packaged the debt into a commercial mortgage-backed security for $150 m ...

Disney CEO Bob Iger saw his pay hit $31.6 million in 2023, even as the struggling entertainment giant struggles to rebuild itself and fend off activist investor Nelson Peltz.Iger’s pay package included $865,385 in base salary, plus 16.1 million in stock awards, $10 million in stock-option awards, $2.14 million cash bonus and $2.48 million in other compensation, according to an SEC statement filed Tuesday. Iger brought in $15 million in total compensation in 2022 but was CEO for less than a year, returning ...

The head of Europe’s biggest airline said that Boeing has long had quality control issues and that he has voiced “loud complaints” to the beleaguered US plane manufacturer about its 737 MAX aircraft.Michael O’Leary, the CEO of Ryanair, said his employees once observed a wrench that was left under the floor of a plane delivered by the Seattle-based company.“We have been loud in our complaints about the lack of quality control of Boeing over the last two years,” O’Leary told The Independent on Tuesday.“It is ...

Walt Disney said Tuesday it “does not endorse” the candidates nominated by activist shareholders in a preliminary proxy filed with the Securities and Exchange Commission.Disney Chief Executive Bob Iger, in a letter to investors, said the company has embarked on an “unprecedented transformation,” making management changes and streamlining operations to become more cost-efficient. It is on track to achieve roughly $7.5 billion in cost reductions – about $2 billion more than it originally targeted.Iger said D ...

Meta boss Mark Zuckerberg will be deposed as part of a Texas lawsuit accusing the Facebook and Instagram parent of using facial recognition technology without customer consent.A Texas state appeals court upheld a lower court’s decision requiring Zuckerberg to give testimony in the case. The lawsuit, originally filed in 2022, accused Meta of “secretly harvesting” biometric data from its users in violation of state law.The decision was a blow to Meta, which had sought to avoid having its boss deposed. Meanwh ...

Microsoft boss Satya Nadella insisted Tuesday that he has “no issue” with the governance structure at OpenAI – despite a high-profile internal beef that briefly forced out its CEO Sam Altman last year.OpenAI, a nonprofit governed by a board whose mission is to ensure the firm prioritizes safety over profit, received major scrutiny after it fired Altman last November – with directors claiming they had “lost confidence” because he was “not consistently candid.”“What we just want is good stability,” Nadella s ...

Hundreds of Google employees were told that the company plans to lay them off just days after the search giant said it would slash at least 1,000 jobs, according to a report.Philipp Schindler, Google’s chief business officer, circulated a memo to staffers on Tuesday announcing that “several hundred” employees from its advertising sales team would be out of a job, according to Business Insider.Schindler reportedly told staffers the shakeup was part of a restructuring effort that will affect the unit that se ...