Following the moves of its peers Citigroup, UBS and Morgan Stanley, JP Morgan’s investment bankers are set to receive higher salaries starting 2010. This will be affecting those who earn half or more of their pay in year-end bonuses. However, even with such an increase, total pay would remain the same as bonuses will be cut lower. This policy will be affecting about more than 12,000 of the firm’s investment banking employees.
More on this via Bloomberg, HERE.