The good thing about court cases involving bankers is that they often involve pay numbers. Even better, those pay figures have usually been substantiated by the courts. The latest case to fall into this category is that involving Patrice Ktorza, a (then) 42 year-old member of J.P. Morgan’s FX sales team in London.
Ktorza left J.P. Morgan last year, but his subsequent attempts to sue the bank for unfair dismissal have made his otherwise confidential pay data public. We know, for example, that as an executive director at J.P. Morgan, Ktorza earned a salary of £290k ($419k), plus a bonus of $1m, bringing his total compensation to $1.4m (£970k). Strangely enough, this is exactly the average amount that J.P. Morgan paid its London-based registered staff last year.
Ktorza’s pay looks less impressive alongside the figures to emerge from Bank of America during the Messina court case last month. However, Bank of America’s figures referred to heads of business and managing directors and Ktorza was neither. On the other hand, his pay looks inordinately generous compared to that of 41 year-old salaried employees in most other companies and sectors. Ktorza is now finding this out to his cost. Blacklisted by the FCA after being sacked from J.P. Morgan over allegations that he partially filled a trade order – a process banned by the bank, and which he strongly denies – Ktorza is currently working in a non-registered role in finance at a “fraction” of his former income.
Separately, you don’t want to be working on a trading floor in late June. Bloomberg reports that J.P. Morgan., Royal Bank of Scotland, Morgan Stanley and Lloyds Banking Group are all planning to make their employees work through the night on June 23rd – the day of the UK’s EU referendum.
Swiss politicians want to cap pay (for anyone) at $512k. (Bloomberg)
Several dozen junior staff will be leaving HSBC as its shakes up its investment bank. (Reuters)
HSBC is making its investment bank “more agile and holistic.” (Financial Times)
Goldman Sachs employee with IQ of 130 allegedly starred in adult films. (Tokyo Reporter)
46 year-old health conscious head of equities at Bank of America Merrill Lynch dies on work trip. (Bloomberg)
Where to work if you want an unlimited budget and no pressure to produce results. (Arstechnica)
Ex-hedge fund manager devotes self to viticulture. (Bloomberg)
Brevan Howard’s main hedge fund has now lost money three months running. (Bloomberg)
Tom Hayes’ crowdfunding campaign has raised £20k.(Cityam)
The art of disagreeing with someone more powerful than yourself: “This is just my opinion…I’m thinking aloud here.” (HBR)