If you work for JPMorgan’s investment bank, you may be feeling a little apprehensive about your bonus for 2012. Compensation per head at the investment bank fell 7% in the first nine months of 2012 vs. the same period of 2011, more than any other bank which breaks out headcount and pay figures – except UBS.
Today, however, those JPMorgan bonus concerns are assuaged. Bloomberg reports that the bonus pool for JPMorgan’s corporate and investment bank may fall ‘as much as’ 2% in 2012. This doesn’t sound too bad, particularly considering the Bruno Iksil affair. Chris Whalen, senior managing director at Tangent Capital Partners, told Bloomberg that JPMorgan’s decision to engage in only peripheral trimming of the bonus pool is, “indicative of the fact that they are one of the last men standing.”
Less promisingly, but still not apocalyptic, is a report from the UK Office for Budgetary Responsibility suggesting that bonuses in London will fall for three consecutive years and then stagnate. The OBR is predicting that bonuses in London will fall 10% this year, and by 5% during each of the two years after that. London bonuses will then remain ‘depressed’ until 2018, the OBR suggests.
Inside Lloyd Blankfein’s house in the Hamptons. (Daily Mail)
Dick Bove has had five job offers. (Fox)
Actually Dick Bove only has 3 job offers. (Bloomberg)
“All my life I was consistently driven, narrow-minded and vain.” (Financial Times)
Deutsche is cutting almost half its Japanese equities coverage. (Bloomberg)
Two year MBA course at Stanford, yours for $189,054. (Poetsandquants)