JPMorgan bonuses largely locked down

Raiding The Piggy Bank

Bonuses at this firm were largely locked down early this week.

Reuters reports that JPMorgan Chase plans to keep overall compensation roughly flat this year from last year, in a sign that employees will feel at least some pain from the bank's recent legal settlements, according to two sources familiar with the matter.

Pay increases have been muted across much of the banking sector in the aftermath of the financial crisis, but JPMorgan's decision would put the bank on the lower end of expectations for the rest of the industry.

At JPMorgan, bonuses were largely locked down early this week, though payouts could change in unusual situations or if there is an unexpected change in the company's results during the last six weeks of the year, said the sources, who spoke on the condition of anonymity.

CEO Jamie Dimon said this week that it would not be fair to penalize current employees for actions that occurred years ago, largely at banks that JPMorgan acquired in the heat of the crisis.

Hit the link below to access the complete Reuters article:

JPMorgan plans to keep pay roughly flat from last year: sources

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