Compensation breakdown for JPMorgan IB is out. In a note sent late last Friday, co-heads Bill Winters and Steve Black apparently informed employees that the cash portion of bonuses will be capped at $1 million. Anyone making over 100k will get at least 20 percent in stock, with a lower cash to stock ratio as salary increases.
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just like the LEH stock bonuses last year…good stuff Jamie
Better hold onto that cash JD, Market is anal raping the financials…..
Wasn’t Goldman capped at $400K cash? JPM getting a pretty good deal.
BONUS AT JPM ?
Maybe I can “beckyquick” an executive since it caused to become unemployed!
Darn, I could have done that earlier!
@4 – what??
Which one of you guys is outsourcing your comments to Satyam?
@4…..Fuh, what?!?!???
~Fake Geico Caveman
what are the first full year and stub numbers?
I remember when getting part of your bonus in stock was a perq not a punishment.
Poor guy making a 100K bonus sees 20% of it go into worthless paper.
@8 – so what is your comp breakdown ?
Originally stock awards were a benefit for senior persons, an inducement for them to stay and to be productive. Now its morphed into a cost cutting measure. The guy making 100K bonus needs the cash to pay the bills. Take out the stock and subtract the withholding on the “extraordinary income” and the bonus check is well under 50% of the “number”.
What’s the discount on the JPM stock and what’s the vesting period (please don’t tell me there’s no discount, don’t make me cry).
WTF – i am over working 16 hr days for jack – i quitting this shit – may as well take time out and sit on a bach for a while and possible think about coming back 1 yr + from now – all i’ll miss out on is a crap bonus
20% stock = 20 kick in the balls/vagina.
Sorry JPMers.
(Wouldn’t let that shit happen to me though…)
what’s even more shit is that everyone at jpmorgan (at least on the equity market side) has a salary freeze. I am about to be promoted to associate next month, and I was told that my salary would stay at the analyst level.. wtf is that ?
13. That is translated as “Be thankful you’re not on a breadline.”
11 – yeah, cause this will definitely all be over in a year
Jamie Dimon doesn’t like paying the comp. Never has.
That 20%+ is worth zero because who the hell is going to write a stock collateral loan to a finance industry guy after the multiple implosions.
NYC will suck this year.
@13 – today is the first day you realized you’re naturally long the market in your job? congrats, thanks for playing.
16 Or maybe you could just hold it till it vests and then sell. The reality is that in this environment there are not a lot of alternatives if you’re unhappy. And the people writing the paychecks understand that all too well.
@10: no discount. today’s price. 50% in 2 years/50% in 3 yrs.
#13: I always saw the associate promotions as a zero-sum game.
I fear that JPM will just make everyone associates as a good way to avoid paying any overtime.
Has the reference price already been set for the stock awards? If the bonuses are going to be announced in the next couple of days the number of shares should have been set using Dec 31 or early Jan prices, i.e., closer to $30 than the current $20.
@13….wtf…how were the WaMu severance packages?
@20….wtf…how were the WaMu severance packages?
@20….wtf…how were the WaMu severance packages?
Holding it until it vests without being able to get a loan against it – and 16 is right that that’s either impossible or has insane terms – is not how the Street operates. And it isn’t how the City and surrounding environs eat.
“I’m solvent, just illiquid” works just about as well for people as it does for banks with toxic assets.
@13 – I think you’re full of it. Promotions come out today. They aren’t waiting a month to get you assoc. Either you get it today or in June. No raise.
@16, 25….was it normal to be able to borrow against *unvested* restricted stock/units?
You could borrow against a cow, and have the loan structured by cows.
@26 I was under the impression that my contract won’t change until the following month. I’ll find out the details tomorrow anyway.
What are the numbers???? Please list your comps – stub, 1st year etc!
@11: I’d rather sit on a Handel or a Vivaldi than a Bach, much more comfortable.
What were first year MD numbers?
@19 Jamie and the board going medieval on those lower-level JPM asses.
Promotions plus restricted stock in lieu of cash? Thank you sir. May I have another?
Jpm Top tier financial analyst- flat salary, bonus down over 55%
It’s pretty sad that we can’t get even a single bonus number out of the JPM readership.
Please can someone put me out of my misery and tell me what the associate stub bonus was?
European associate salaries are usually kept constant (i.e. no rise when you get your stub bonus) for the 18 months post becoming an associate.
Bonus was 50% of last year which was already down from the year before. No raise for my promotion from Associate to VP. I got a higher bonus as a 2nd year analyst than I got this year as a 3rd year associate.
That doesn’t add up @37. 3rd year associates were at 400K+ bonus last year so 50% of it is 200k. You must have been a 2nd year analyst back in 2005 – numbers back then were ~100K for 2nd years.
can anyone report numbers?
Agree with @37. @39, your numbers for 3rd yr last year are extremely high for JPM. Last year, numbers (at least in my group) were down ~40% from the prior year. And this year, numbers are down 50% from last year.
Agree with @37. @39, your numbers for 3rd yr last year are extremely high for JPM. Last year, numbers (at least in my group) were down ~40% from the prior year. And this year, numbers are down 50% from last year.
Associate bonuses down 20-25% from last year, down 50% from what would be ‘expected’ this year, (ie 2nd yr associate that got 200k last year gets ~150-175k this year, down 50% from what 3rd years got paid last yr, ~300-350k.) 1st yr analyst range 25-50k.
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