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Morning Coffee: Jamie Dimon vs. Lloyd Blankfein pay wars. Equities bankers leaving Deutsche pre-bonuses

Which CEO earns the most?

Which CEO earns the most?

Who is the richest of them all? Try…Lloyd Blankfein. He may not be richer than the world’s hedge fund billionaires, but he’s not doing too badly. Most importantly, he is doing better than Jamie Dimon.

Bloomberg reports that Lloyd Blankfein will earn a total of $24m in salary and bonus (cash and stock) for 2014. Bloomberg reports that Dimon will earn a total of $20m in salary and bonus (cash and stock) for the same year.

Blankfein’s pay is creeping higher. In 2012 he received $21m. In 2013 he received $23m. Now he’s got a million more. In contrast, Dimon’s pay has been stable. – But even that looks generous in light of last year’s security breach and the bank’s $23bn of fines. 

There is a sense, however, in which pay at Goldman Sachs and pay at J.P, Morgan is similar. And that is the fact that compensation for both banks’ CEOs seems immune to cost-cutting for the rank and file. J.P. Morgan cut average pay per head in its corporate and investment bank by 1.4% last year. Goldman Sachs cut average pay per head by 1.2%. Neither Blankfein nor Dimon have been subjected to the same treatment.

Separately, equities bankers seem to be joining the pre-bonus rout. Bloomberg reports that Deutsche has lost two directors (Rich Dunphy, a director in equities trading, and Andrew Vaccaro, a director in synthetic equity flow swaps). Both men have left strangely close to bonus time.

Meanwhile:

Cyber security professionals at Bank of America can spend as much as they like. (Bloomberg) 

Actually plenty of people in hedge funds earn no more than other educated professionals. (Business Insider) 

Compliance professional personally fined £105k for not standing up to his non-compliant boss. (City Am) 

Anshu Jain says Deutsche would have gone on a regulatory “journey” even if it hadn’t been mandatory. (NY Times) 

Goldman Sachs is pushing the boundaries of the Volcker Rule by investing in Spanish hotels (NY Times) 

Andrew Morton, former head of fixed income at Lehman Brothers credited with single-handedly saving Citi’s fixed income business from the abyss. (Financial News) 

Which was the best bond house of the year? Now you know. (IFR) 

Brevan Howard reasserts its supremacy with revelation that it made $400m from the business with the Swiss franc. (The Times) 

How to achieve a new job through cold calling. (Social Hire)  

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