JPMorgan Chase CEO Jamie Dimon obtained a complete compensation of $39 million in 2024, probably the most he is ever made, the financial institution reported on Thursday. Nevertheless, a few of his staff are sad with their current bonuses.
In response to Fortune, JPMorgan managers started telling the financial institution’s greater than 300,000 global employees how a lot they earned in 2024 bonuses on Tuesday and Wednesday of this week. The financial institution is predicted to pay U.S. staff the additional cash subsequent week on January 28. Annual bonuses on Wall Road have a protracted historical past, relationship back to the 20th century when J.P. Morgan himself pioneered the observe by giving his staff a one-time money reward equal to a yr’s wage. In response to figures from the New York State Comptroller, seen by the NYPost, the typical Wall Road bonus in 2023 was $176,500.
The 5 U.S.-based JPMorgan staff who spoke to Fortune indicated that they had been disillusioned with their bonuses, although some tried to look on the constructive facet and mentioned they had been grateful that their numbers weren’t decrease. These staff, who labored in divisions aside from funding banking (like business banking and asset and wealth administration), obtained raises starting from 2% to 2.7%—far lower than the 15% raise in bonuses reportedly obtained by JPMorgan funding bankers.
Associated: JPMorgan Chase CEO Jamie Dimon Isn’t Worried About AI Taking Over Jobs — Here’s Why
JPMorgan reported its fourth quarter 2024 monetary outcomes earlier this month and stated that web revenue for the quarter was $14 billion, up 50% from the identical time final yr, whereas web income was $43.7 billion, up 10%.
The financial institution posted a record-high full-year 2024 web revenue of $58.5 billion.
The entire staff who spoke with Fortune had been conscious of the financial institution’s current document efficiency, with one employee stating that they felt “disrespected and undervalued.”
One JPMorgan worker informed Fortune that they discovered on Wednesday that their bonus solely elevated by $3,000 from final yr, for a 2% increase. They took the remainder of the day without work from work—so they would not say something adverse about it.
A distinct employee mentioned they obtained excellent evaluations final yr but earned a equally low increase.
“It simply seems like a slap within the face,” they mentioned.
Different staff complained of receiving smaller bonuses than final yr.
Associated: JPMorgan Chase CEO Jamie Dimon Wants People to ‘Stop Talking’ About AI: ‘It’ll Help You Do Your Job Better’
In the meantime, JPMorgan informed its staff earlier this month that it’s implementing a strict return-to-office (RTO) mandate in March the place nearly all staff will probably be required to work from the workplace 5 days per week, shifting schedules for the 40% of staff who had been on a hybrid schedule.
The announcement sparked inner pushback on an inner firm web site. Greater than 300 JPMorgan staff voiced considerations about how the RTO mandate would have an effect on their commute, work-life stability, and childcare prices, prompting JPMorgan to shut down comments concerning the matter.
Associated: JPMorgan Says Its AI Cash Flow Software Cut Human Work By Almost 90%
The RTO mandate, coupled with the just lately low bonuses, has led some staff to invest that JPMorgan needs to cut back the variety of individuals in its workforce, per Fortune.
In response to a July survey from Bamboo HR, a couple of quarter of C-Suite executives hoped that strict return-to-office insurance policies would trigger staff to stop. Bamboo HR known as this idea “layoffs in disguise.”
