JPMorgan paid 18 people in London more than $5m last year
JPMorgan was expected to increase bonuses for its investment bankers globally by 15% last year. Despite complaints that the increase was not allocated equally, it seems that the average banker and trader at JPMorgan in London had nothing to complain about.
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JPMorgan's newly released Pillar 3 disclosure for its London office in 2024 reveals that the average bonus paid to the 486 material risk-takers (MRTs) in its London corporate and investment bank (CIB) was $973k last year. Financial News notes that this was up from $820k in 2023, an increase of 19%.
Not everyone is average, though. Some MRTs at JMorgan in London were paid a lot more than others.
The chart below reflects this (predicable) truth. Only 371 people across all JPMorgan's divisions in London earned more than €1m last year, meaning that at least 115 MRTs in its CIB earned less. However, 18 people at JPMorgan's London office earned more than €6m ($5.1m) for 2024.
As our chart above shows, JPMorgan's generosity to its highest paid London staff last year exceeded its generosity in 2022 and 2023. 371 people there earned more than €1m last year, the highest number for two years.
While JPMorgan pays well in London, it appears to pay less at the very top end than Deutsche Bank does. At Deutsche, someone got €18m for 2024. The recipient is thought to have been Chetankumar Shah, who runs credit trading for DB from Singapore, Ram Nayak, who runs the markets business in the investment bank, or an unidentified trader in London.
When salaries are added to bonuses, the average material risk-taker at JPMorgan in London earned $1.8m last year. At Morgan Stanley, they got $2m each.
JPMorgan is likely to dramatically increase bonuses for 2025. The US bank has lifted the EU bonus cap and is able to pay bonuses that are up to 10X salaries in future.
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