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Bloomberg reports that JPMorgan Chase was the top payer among investment banks last year, awarding its senior employees a fifth more than Goldman Sachs, according to a report that also highlights a growing divide between firms based in the U.S. and Europe.
Managing directors in JPMorgan’s mergers advisory and underwriting teams earned an average of $1.7m in total compensation for 2012, according to Emolument, a London-based salary data provider. Morgan Stanley was the second-highest payer, with an average award of $1.4m, followed by Goldman Sachs at $1.35m.
By contrast, remuneration at European firms trailed, with the average at HSBC, Societe Generale and BNP Paribas amounting to less than $807.2m, Emolument said. Firms in the region are struggling as the sovereign debt crisis hurts revenue, and regulators force them to hold more capital and limit ‘bonuses, remuneration specialists said.
'There is a divide opening up between pay levels in New York and London', said Tom Gosling, head of the reward practice at PricewaterhouseCoopers LLP in London. 'Some of the European investment banks are scaling back heavily and having to accept that they can’t pay people at the same level as U.S. firms'.
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