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The end of associate sign-ons at JP Morgan?

According to market rumours, something is afoot with associate bonuses at JP Morgan.

We understand that the bank may have decided not to pay analysts who are promoted to associate the 20k associate sign-on which has become standard fare at other houses.

JP Morgan declined to comment. However, the head of graduate recruitment at a rival firm said JPM were contemplating the move a few months ago, and recruiters claim to be aware of the alleged development.

It’s not clear whether JPM is also thinking of suspending sign-on bonuses for MBAs hired into associate roles. The head of financial services careers at one European business school said she wasn’t aware of this happening so far. However, the head of graduate recruitment at one international firm said that if it hasn’t happened yet, it probably will do soon – and not just at JPMorgan.

“Banks are already contractually committed to paying sign-ons to MBAs hired this September, but everyone will be reconsidering sign-ons for 2010,” he warns.

Comments (3)

  1. @ Sarah – what sign on’s can ACA’s expect moving into an associate (equity research) role? I expect the chance of receiving anything is slim to none.

  2. Could this be IB salaries floating gently back down to earth. Economics tells us it is so, less business, fewer banks, surplus MBAs, regulation. The twilight of the rockstar spreadsheet jockey.

  3. What is the base salary for 1st year associates in sales & trading in top houses these days? Any difference between equity and fixed income?

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