JPMorgan Chase CEO Jamie Dimon acquired 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 response to Fortune, JPMorgan managers started telling the financial institution’s greater than 300,000 world staff how a lot they earned in 2024 bonuses on Tuesday and Wednesday of this week. The financial institution is predicted to pay U.S. staff the additional cash subsequent week on January 28. Annual bonuses on Wall Road have an extended historical past, relationship again to the twentieth century when J.P. Morgan himself pioneered the apply by giving his staff a one-time money present equal to a yr’s wage. In response to figures from the New York State Comptroller, seen by the NYPost, the typical Wall Road bonus in 2023 was $176,500.
The 5 U.S.-based JPMorgan staff who spoke to Fortune indicated that they had been disillusioned with their bonuses, although some tried to look on the optimistic aspect and mentioned they had been grateful that their numbers weren’t decrease. These staff, who labored in divisions aside from funding banking (like industrial banking and asset and wealth administration), acquired raises starting from 2% to 2.7%—far lower than the 15% elevate in bonuses reportedly acquired by JPMorgan funding bankers.
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JPMorgan reported its fourth quarter 2024 monetary outcomes earlier this month and acknowledged that internet revenue for the quarter was $14 billion, up 50% from the identical time final yr, whereas internet income was $43.7 billion, up 10%.
The financial institution posted a record-high full-year 2024 internet revenue of $58.5 billion.
All the staff who spoke with Fortune had been conscious of the financial institution’s latest file efficiency, with one employee stating that they felt “disrespected and undervalued.”
One JPMorgan worker informed Fortune that they came upon on Wednesday that their bonus solely elevated by $3,000 from final yr, for a 2% elevate. They took the remainder of the day without work from work—so they would not say something detrimental about it.
A unique employee mentioned they acquired excellent critiques final yr but earned a equally low elevate.
“It simply looks like a slap within the face,” they mentioned.
Different staff complained of receiving smaller bonuses than final yr.
In the meantime, JPMorgan knowledgeable its employees earlier this month that it’s implementing a strict return-to-office (RTO) mandate in March the place nearly all staff might 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 inner pushback on an inner firm web site. Greater than 300 JPMorgan staff voiced considerations about how the RTO mandate would have an effect on their commute, work-life steadiness, and childcare prices, prompting JPMorgan to shut down feedback in regards to the subject.
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The RTO mandate, coupled with the lately low bonuses, has led some staff to invest that JPMorgan desires to cut back the variety of individuals in its workforce, per Fortune.
In response to a July survey from Bamboo HR, a few quarter of C-Suite executives hoped that strict return-to-office insurance policies would trigger staff to stop. Bamboo HR known as this idea “layoffs in disguise.”
