The pay rise comes as JPMorgan and other banks face pressure from investors to cut operating costs as low interest rates hold down revenue.
Lake said overall performance in the oil and gas sector had improved as oil prices have stabilized, but that some individual companies are still struggling. Net revenue rose 3 percent to $25.2 billion.
JPMorgan Chase reported better-than-expected financial results on Thursday and gave credit to improvement in the American economy. The same period from a year ago had $1.54 in EPS on $24.53 billion in revenue.
While executive at JPMorgan said that trading had rebounded during both April as well as May that was previous, to the referendum vote that roiled the markets and pushed aside expectations for more USA rate hikes to at least 2017. At the start of the year, it was widely expected that there would be two rate hikes this year. JPMorgan shares gained 2.4 percent in Thursday morning trading, to $64.67 - passing pre-Brexit levels for the first time. That compared to an estimate of $14 billion by analysts. He expects the bank to come in at the higher end of its forecast loan growth for 2016, a range of 10 to 15 percent. Stock-trading revenue edged up 1.5% to $1.6 billion.
Revenue from markets, which includes stock and bond trading, increased 23%. Revenue was $11.5 billion, up 4 percent from a year earlier. (NYSE:JPM) up 5.84 per cent in the past week, is under coverage of 32 analysts who collectively recommend a buy rating on stock.
Net income in asset management, run by Mary Erdoes, increased 16 percent to $521 million on lower legal expenses. While these revenues were unusually low in Q1 2016 due to weak trading activity as well as poor underwriting volumes, things were more upbeat this time around - especially on the securities trading front. The group saw profits fall 12 percent on a year-over-year basis in the first quarter. This eliminates the possibility of any positive upgrade in earnings per share for 2017 estimates, despite strong Q2 results. In 2015, the chiefs of JPMorgan Chase, Goldman Sachs, Citi, Wells Fargo, Bank of America and Morgan Stanley were paid an average of $20.7m including salaries, bonuses and pension contributions.
In a sign that the US economy continues to improve, JPMorgan noticeably expanded its loan portfolio in the quarter as a response to increasing demand from both consumers and businesses.