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JPMorgan, the world’s biggest investment bank by revenue, is leaving its bonus pool roughly unchanged from 2014, adding to pressure on weakened rivals, according to people with knowledge of the plan.
Bloomberg News reports that the bank told top managers about its initial decision this month as desks prepare for year-end pay discussions with employees, said the people, asking not to be identified talking about personnel matters.
While JPMorgan’s plan may yet change depending on trading performance in December, its push to preserve the pool bucks the trend at European competitors including Deutsche Bank, which is preparing to cut payouts.
“Flat is the new up,” said Michael Karp, CEO of recruitment firm Options Group. “Equities and investment banking will be subsidizing fixed-income bonuses this year.”
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