JPMorgan cut pay and heads in its investment bank, despite a great quarter
JPMorgan posted its Q4 results today. Both the bank as a whole and its Commercial and Investment Bank (CIB) had a great Q4 – and a great 2024. If you work for JPMorgan, however, you might not be feeling the love.
Get Morning Coffee ☕ in your inbox. Sign up here.
For one, you might be missing some of your colleagues - the CIB cut 500 people across the fourth quarter. If that sounds tragically familiar, it’s because JPMorgan also did the same thing at the end of 2023.
Pay also fell, by 3% between Q4 of 2024 and 2023. Fortunately, this wasn’t enough to offset the general trend upwards. JPMorgan's CIB paid an average of $195k per head in 2024, up from the $185k per head it paid in 2023.
It’s worth noting that the CIB also includes commercial and corporate banking segments such as commercial real estate lending and payments that usually pay a lot less than banking and trading.
The mystery of JPMorgan’s cuts (both pay and headcount) is that both the bank and the CIB did fantastically. Traders at the firm delivered their biggest Q4 ever, with the bank crediting the success to its credit and currencies team in particular.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
