JPMorgan Chase plans on freezing salaries for employees

The pay-out expectations for traders could, however, still change in December

JPMorgan Chase

JPMorgan Chase plans on freezing salaries for employees. Source: pexels.com

JPMorgan Chase & Co plans on increasing up to 20% bonuses for some traders, Bloomberg reports. However, the company will freeze salaries for those employees with titles of vice presidents and above.

This comes with the uncertainty with the 2021 budget not to mention the effects of the coronavirus pandemic on the economy. Among these include a surge in trading revenue, an increased cost for loan losses, and low-interest rates.

The bonus increase as a result of the rise in market revenue will be part of the trader’s incentive pay.

Wall Street firms are reported to give traders higher compensation after markets have been strong. However, the banks’ bonus pools will be lower this year.

We’ve reported that JP Morgan is looking to launch its digital consumer platform in the United Kingdom

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