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I-bankers needn’t worry about inflation this Christmas season.

Goldman Sachs Group Inc. may boost its bonus pool for investment banking by about 50%, and JPMorgan Chase & Co. may reach for a 40% increase, according to people with knowledge of their initial deliberations. The business, which covers merger-and-acquisition advisory as well as underwriting groups, is poised for the biggest windfalls after recent meetings to set pay for the year, the people said, asking not to be named discussing internal talks….

“You are paying for retention and not just paying for performance,” said Eric Dobkin, the veteran banker who spent almost half a century at Goldman Sachs before retiring in 2016. “This year, the firms may well have to overpay to keep the people they most want.”

Jeez, Eric, don’t tell the old-timers at Goldman that. You’ll ruin it for everyone.

Goldman Sachs and JPMorgan Plan Bumper Bonuses to Get Edge [Bloomberg]

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