The windfall coming to Wall Street bankers is the worst-kept secret of 2021. The bonus pools at JPMorgan , Goldman Sachs and the rest have swelled , which means bankers can take home more without shareholders settling for less. Just like any market that has been artificially stimulated, it’s the return to normal that poses the challenge.
, which means bankers can take home more without shareholders settling for less. Just like any market that has been artificially stimulated, it’s the return to normal that poses the challenge.
But banks are also reversing some of the restraint they showed in 2020. Last year, Goldman’s pay as a share of revenue fell to 30%, from 34% the year before. Compensation increased, but at a slower pace than the top line. JPMorgan’s investment banking and trading division paid out 24%, compared with 28% for each of the three preceding years.
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