£2m: average pay award for JP Morgan's top staff in 2012 revealed
Fresh evidence of the pay deals on offer in the City has emerged, with the biggest US bank, JPMorgan Chase & Co, revealing it gave more than 100 of its top staff in London an average of £2m each in 2012.
The disclosure comes after Goldman Sachs said its high flyers received £2.7m on average – up 50% on the year before – adding to anger about bankers' bonuses.
The banks are required to provide the information about their operations in the UK to comply with an EU rule introduced after the 2008 banking crisis. Banks must give details of the pay of "code staff", those deemed to be taking and managing risk for their organisations.
The details of the pay awards come as new rules from Brussels come into force to restrict top bankers' bonuses to one times their salary – or twice, with the approval of shareholders. Sharon Bowles, the MEP who chairs the European parliament's economic and monetary affairs committee, said the move was intended to change the culture of banking.
"The bankers' bonus cap is part of building a much-needed culture change, putting an end to the sort of short-termism and excessive risk-taking that led to the financial crisis," she said.
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http://www.theguardian.com/business/2014/jan/01/2m-average-bonus-jp-morgan-bankers
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