If you’re looking to get your foot in the door at J.P. Morgan, the task may have just become a bit more difficult. A report surfaced earlier this week indicating the bank has made dramatically fewer full-time offers to interns than it has in years past.
The other bit of disappointing news is that banker pay seems to be trending in the wrong direction – at J.P. Morgan and across the street as a whole. During the second quarter of 2019, compensation costs as a proportion of revenue dropped to 28% (compared to 30% last year), and the bank indicated that the bonus pool won’t run as deep as it did in 2018 unless it has a monster second half. That’s unlikely, mostly due to market factors that are affecting every big investment bank.
So where does all that leave J.P. Morgan bankers when it comes to pay? As a whole, they appear to take home just a bit less than the average banker working at a tier-one firm in the U.S., according to new survey numbers from Wall Street Oasis. As you can see in the charts below, salaries for analysts at J.P. Morgan slightly outpace the average at top 10 U.S. banks, though JPM bankers seem to give the advantage back and then some come bonus time.
Meanwhile, associates at J.P. Morgan report earning slightly smaller salaries and bonuses than the average U.S. associate at a top investment bank. In terms of total compensation, there’s a roughly $30k gap, according to the survey. That gap then widens even more for vice presidents (though, admittedly, VP is the point in a banking career when compensation starts becoming much more variable).
In short, JPM still pays quite well, but not quite to the level of other tier-one banks in the U.S. – at least not at the given moment.
What is the average salary for J.P. Morgan in the U.S.?
The average J.P. Morgan salary in the U.S. is $93k for analysts (average of first and second-year), $137k for associates and $182k for VPs.
What is the average bonus for J.P. Morgan in the U.S.?
The average bonus for J.P. Morgan in the U.S. is $36k for analysts, $57k for associates and $68k for VPs.