JPMorgan Chase CEO Jamie Dimon obtained a complete compensation of $39 million in 2024, essentially the most he is ever made, the financial institution reported on Thursday. Nevertheless, a few of his staff are sad with their latest bonuses.
In keeping with Fortune, JPMorgan managers started telling the financial institution’s greater than 300,000 global employees how a lot they earned in 2024 bonuses on Tuesday and Wednesday of this week. The financial institution is anticipated to pay U.S. workers the additional cash subsequent week on January 28. Annual bonuses on Wall Road have an extended historical past, relationship back to the 20th century when J.P. Morgan himself pioneered the follow by giving his workers a one-time money present equal to a 12 months’s wage. In keeping with figures from the New York State Comptroller, seen by the NYPost, the common Wall Road bonus in 2023 was $176,500.
The 5 U.S.-based JPMorgan workers who spoke to Fortune indicated that they had been disenchanted with their bonuses, although some tried to look on the constructive facet and mentioned they had been grateful that their numbers weren’t decrease. These workers, who labored in divisions apart from funding banking (like business banking and asset and wealth administration), obtained raises starting from 2% to 2.7%—far lower than the 15% raise in bonuses reportedly obtained by JPMorgan funding bankers.
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JPMorgan reported its fourth quarter 2024 monetary outcomes earlier this month and stated that web revenue for the quarter was $14 billion, up 50% from the identical time final 12 months, whereas web income was $43.7 billion, up 10%.
The financial institution posted a record-high full-year 2024 web revenue of $58.5 billion.
The entire workers who spoke with Fortune had been conscious of the financial institution’s latest report efficiency, with one employee stating that they felt “disrespected and undervalued.”
One JPMorgan worker instructed Fortune that they came upon on Wednesday that their bonus solely elevated by $3,000 from final 12 months, for a 2% elevate. They took the remainder of the break day from work—so they would not say something adverse about it.
A distinct employee mentioned they obtained excellent evaluations final 12 months but earned a equally low elevate.
“It simply appears like a slap within the face,” they mentioned.
Different workers complained of receiving smaller bonuses than final 12 months.
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In the meantime, JPMorgan informed its staff earlier this month that it’s implementing a strict return-to-office (RTO) mandate in March the place nearly all staff shall be required to work from the workplace 5 days per week, shifting schedules for the 40% of staff who had been on a hybrid schedule.
The announcement sparked inside pushback on an inside firm web site. Greater than 300 JPMorgan workers voiced issues about how the RTO mandate would have an effect on their commute, work-life steadiness, and childcare prices, prompting JPMorgan to shut down comments concerning the matter.
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The RTO mandate, coupled with the not too long ago low bonuses, has led some workers to take a position that JPMorgan desires to cut back the variety of individuals in its workforce, per Fortune.
In keeping with a July survey from Bamboo HR, a few quarter of C-Suite executives hoped that strict return-to-office insurance policies would trigger workers to give up. Bamboo HR known as this idea “layoffs in disguise.”
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