Controversy over City pay is likely to be reignited this week when the major US banks – including JP Morgan and Goldman Sachs – release their results for 2013.
The publication of the profitability of banks will clear the way for their staff to be told the size of their annual bonuses and signal a round of job moves around the financial sector as well as a wave of outcry about the payouts for thousands of staff in London.
JP Morgan, which has been hit by fines of almost $30bn in the last three years, kicks off the reporting season on Tuesday along with Wells Fargo & Co and is followed by Bank of America, which bought Merrill Lynch during the 2008 financial crisis, Goldman Sachs and Citigroup on Thursday, and Goldman’s arch rival Morgan Stanley on Friday.
So far the big banks have amassed $63bn (£39bn) to pay their staff and their full salary and bonus bills will be finalised this week. Goldman is reportedly going to set aside the same amount for bonuses in 2013 as it did in 2012 – just over £7bn. The high-profile firm revealed at the end of the year that in 2012 its senior staff had received an average pay deal of £2.7m – up 50% on the year before.
via The Guardian
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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