JP Morgan Chase

  • 21 Aug 2014 at 11:49 AM

Pay Hike Watch ’14: Raises For Everyone (Under 25)!

Well, raises for everyone at Goldman Sachs, Morgan Stanley, and Bank of America. JP Morgan and Citi are still pondering this one. Read more »

Banks are said to have made their best offers this week. Read more »

  • 11 Jun 2014 at 3:03 PM

Layoffs Watch ’14: JP Morgan

According to CFO Marianne Lake, the bank may be forced to sacrifice some employees (and bonuses) for the greater good. Read more »

  • 22 Jan 2014 at 7:13 PM

Bonus Watch ’14: JP Morgan

If you liked last year’s bonus, you’re gonna love the one coming your way this week. Read more »

JPMorgan Chase & Co. plans to boost the number of junior investment bankers it employs by about 10 percent and provide them with “protected weekends” to reduce their workload, a person familiar with the matter said. Jeff Urwin, the New York-based company’s global head of investment banking, announced the changes on an internal conference call today, said the person, who didn’t say how many people would be affected and asked not to be identified because the new policies aren’t public. Jennifer Zuccarelli, a spokeswoman for JPMorgan, declined to comment. All of the major Wall Street firms are planning to increase investment-banking staff in 2014, according to Jeanne Branthover, the head of financial-services recruitment at Boyden Global Executive Search in New York. They are also trying to protect their best employees from poaching as average pay at the biggest banks declines. “Business is better and they’ve stayed lean for so long,” Branthover said. “People are burned out.” [Bloomberg, earlier]

JP Morgan Chase and Deutsche Bank are extending bans on the use of multi-dealer online chatrooms, sources familiar with the plans told Reuters, as banks crack down on potentially inappropriate communications following a string of scandals. Chatrooms have been a focus for regulators investigating manipulation of benchmark interest rates and possible rigging in the $5.3 trillion-a-day foreign exchange (FX) market. A source familiar with developments at JP Morgan, the biggest U.S. bank by assets, said the decision was unrelated to the FX probes which surfaced in June, noting chatrooms had been under review at the bank since earlier this year. “This has always been about more than FX,” the source said, adding that the casual nature of online chatrooms increased the potential for “inappropriate” remarks to be made. [Reuters, Related: UBS Making Foreign Exchange Rate Manipulation Mildly More Inconvenient]

  • 16 Dec 2013 at 3:08 PM

Christmas Come Early For JP Morgan Junior Employees

Back in the day, as in pre-2008, attempts to make the job of a Wall Street junior banker slightly more palatable would have been laughed off as crazy and unnecessary. The main reason was that any complaints to management about treating young employees like indentured servants could be met with: “Yeah…but you’re/they’re making a ridiculous amount of money for someone just out of college, so get the hell out of my office.” Grappling with the fact that, post-financial crisis, it’s become increasingly difficult to make the case for working junior mistmakers’ little fingers to the bone 24/7, management has been forced to look within and ask itself, “What would PETA (People for the Ethical Treatment of Analysts/Associates) do?”

In November, Goldman Sachs announced it would be implementing a bunch of “initiatives…designed to improve the junior banker experience,” the most significant being the one that gives analysts and associates 36 hours of rest between Friday night and Sunday morning, rather than keeping them chained to their desks through the weekend. Now, following Goldman’s magnanimous gesture, JP Morgan is said to be about to roll out its junior banker work/life improvement plan. Read more »