JPMorgan’s Jes Staley made an investor presentation today.
In it, he revealed that – despite being one of the most successful investment banks, and one of the only investment banks to have increased compensation per head since 2007, JPMorgan’s middle and back office professionals far, far, outweigh its revenue generators.
Hence, JPMorgan's investment bank has:
4,000 control and risk professionals
13,000 technical and operations professionals
In other words, only 30% of its staff are in revenue generating roles.
This doesn't sound like much. In fact, however, it may be fairly standard: at BarCap as few as 32% of staff are thought to be revenue generators. At SocGen, it’s more like 29%.