Sorry, JPMorgan bankers, but your chief executive just told a group of reporters today that the bank’s compensation as a percentage of revenue would be “less than newspapers,” Deal Journal reports.
JPMorgan, the second largest U.S. bank by assets, delivered better than expected earnings this morning.
However, the investment bank numbers were not pretty.
Even more disappointing is the compensation pool as dropped 3% from last year, the report said.
From Deal Journal:
J.P. Morgan has allocated $289,611 in compensation for each of its 26,615 investment-bank employees–including bankers and traders–down from $298,866 a year ago.
The total has declined to $7.7 billion from $7.9 billion, meaning compensation as a percentage of net revenue has fallen to 35% from 37%, excluding the impact of the UK’s bonus tax.