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JPMorgan Chase boosting employee bonus pool 3 pct for 2018

Reuters  |  LONDON/NEW YORK 

By and Elizabeth Dilts

LONDON/NEW YORK (Reuters) - & Co is boosting its bonus pool by 3 percent for 2018 after its division topped charts throughout the year, people familiar with the matter told on Thursday.

Bankers, traders and other employees will find out how much they were awarded on an individual basis next week, said one of the people. They shared information on the condition of anonymity because they were not authorized to publicly discuss bonuses.

JPMorgan employees who can look forward to bonus payments likely include those in the equities trading division. Equity markets revenue was up 17 percent in third quarter of 2018 over the prior year.

JPMorgan reports fourth quarter earnings on Tuesday.

JPMorgan is known as one of the stingier banks on in terms of how much it pays revenue-generating employees.

In 2017, the largest U.S. spent $7.5 billion on total compensation, which includes bonuses as well as salaries and other employee-related expenses, like health benefits. That represented 31 percent of overall revenue.

In its investment bank, that amount was $2 billion last year, representing a compensation ratio of 27 percent. At rival Group Inc , that figure was 37 percent.

(Reporting By in London and in New York; Editing by and Tom Brown)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 04:23 IST