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JPMorgan Traders Fired, Compensation Realigned
[ by Larry Goldfarb ]
JP Morgan Chase has cut traders' pay and fired nearly 40 people at its equities unit. People with knowledge of the moves say that JPM was attempting to better align costs with revenues. JPMorgan has pared equities jobs each year since 2008, former and current executives said.
Industry wide, equities-trading revenue fell 5% last year, the 3rd straight annual drop, according to analytics firm Coalition Ltd. Equities trading was hardest-hit by job cuts in 2012, with the top 10 investment banks eliminating 2,700 front-office workers, equivalent to 14% of its workforce. Equities-trading revenue at the 10 banks was $33 billion, the lowest it;s been since 2008. Pay in the broader investment bank, which includes dealmakers and fixed-income traders, fell by about 3% in 2012, people briefed on the compensation said this month.
For further details, go to: [ Bloomberg, 2/15/13 ].
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