Salaries and bonuses for top performers at Goldman Sachs, JPMorgan, Citigroup, BofA and...



ORIGINAL POST
Posted by PSR_AXP 35 days ago
Salaries and bonuses for top performers at Goldman Sachs, JPMorgan, Citigroup, BofA and Morgan Stanley in London
 
While 2020 was a year of rising junior salaries in banking, less attention was paid to seniors. Or, in the regulatory lingo, “material risk takers”. Material risk takers are employees who manage large teams or who are responsible for significant risk functions that can have a material impact on the bank. They are typically, but not necessarily, managing directors (MDs). Every year, banks operating in London must report on the compensation those material risk takers receive and break down the cash and stock bonus components of their pay.
 
The reports are typically filed a year after the payments have been made and we have compiled the below 2020 stats from five major banks operating in London. J.P. Morgan and Morgan Stanley, on average, paid more than Citi, Goldman and Bank of America. The two Morgans also paid the highest average bonus to material risk takers with a large portion in stock options (77% for J.P., 78% for Stanley).
 
While it wasn’t a massive year for luring senior talent with cash (J.P. Morgan, Bank of America and Citi all paid no signing bonuses during 2020), there were some large severance payments including J.P. Morgan awarding $3.57m to one employee and Bank of America paying a total $6.77m to seven material risk takers.
 

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