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PAY NEWSWhat's happening to pay at JPMorgan?18 July 2008On one hand, it looks like the famously frugal Jamie Dimon may be splashing out more than he can afford. But closer examination suggests JPMorgan bankers could be in for a shock.
According to JPMorgan’s Q2 results, the investment bank spent 57% of its total net revenues on compensation costs in the last quarter, up from 41% in Q1 and 45% for the same period last year.
Dimon justified the splurge by saying he doesn’t want his investment bankers “getting depressed” (Reuters).
However, a comparison with pay accrued at JPMorgan in the first half of last year suggests its bankers have ample reason to be morose: in the first six months of 2007 average comp was $206k per head; in YTD 2008 it was just $118k.
COMMENTSCDO Hero, Derivatives, Sat 19 Jul 08JPM is one of the best banks out there - making profits and in a position to hire the best people, on top of the Bear Stearns folks who have been getting relocated internally. Nothing compared to the horrendous stories coming from the likes of Citigroup, Merrill or the next fallen angel Lehman Add your comment »spot n forward, Trading, Sun 20 Jul 08Agree...
Johnny Anonymous, Trading, Mon 21 Jul 08Only a few banks have remained profitable throughout the CC..and JPM ain't one of 'em. Goldmans, BNP and a couple of others. Add your comment »Mr. G, Capital Markets, Tue 22 Jul 08Johnny you made a mistake telling that BNP was not struck by CC, because it was the first bank to announce that their mortgage-back securities are worthless in late July/early August last year. Add your comment »Creep2008, Investment Banking / M & A, Tue 22 Jul 08Funny thing about that is one of my friend's just got fired from JPM amid a large redundancy programme in Spring this year. I guess that CDO Hero 2 has no idea what he/she is talking about: "JPM is one of the best banks out there - making profits and in a position to hire the best people" Add your comment » |
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