Like most investment banks looking for young talent, JPMorgan has raised salaries for its analyst class. Not once, but twice: after raising them to $100,000 last summer, he raised them again to $110,000 in January. In less than a year, the salaries of JPM’s most junior bankers have increased by almost 30%.
This has not gone unnoticed by people who have done the same job at JPMorgan, but for much less money. The Wall Street Journal spoke with one of them.
“I’ve certainly heard a lot of displeasure from my fellow bankers,” Milly Wang, a Harvard MBA graduate who herself was an analyst at JPMorgan, told The Journal. “Mmaybe there will be grunts over a drink.
Wang hasn’t worked at JPMorgan since 2018, so it’s unclear how many fellow bankers she’s still associated with. It’s worth noting, however, that when she joined four years ago, she earned a salary of $85,000, which JPM was still paying last year before her first raise.
The Journal also unearthed a new JPMorgan analyst who seems to have internalized some of the guilt of having a six-figure salary as a fresh grad. “It’s crazy to think that someone straight out of college is making so much money,” says Anuhya Tadepalli, a Cornell major who will earn $110,000 when she joins JPM this summer.
Separately, if you’re a smart single young woman, you probably don’t want to let it be known at work. Search by George Washington University and the Wharton School at the University of Pennsylvania found that women perceived as single and analytical are considered less suitable for leadership positions than married or unmarried men or married women. The bias was evident in both men and women…
Spyros Svoronos resigned from Credit Suisse last year and joined Lazard in October. He now joins Credit Suisse as head of the global industries group. We don’t know what changed his mind. (Bloomberg)
Goldman Sachs leaves Russia and lays off about 80 people. (CNN)
JPMorgan withdraws from Russia. Its workforce is in the low 100s. (Bloomberg)
Deutsche Bank said it was impractical to close operations in Russia. (CNBC)
VTB is laying off 60 people from its commodity trading arm. (Bloomberg)
Vladimir Putin said Russia would find “legal solutions” to seize the country-based assets of international groups that decided to shut down their operations following Moscow’s decision to invade Ukraine. (FinancialTimes)
Venkat Badinehal, head of FIG at RBC, said deals with FIG could continue despite the uncertainty surrounding the war. (Bloomberg)
CEO of Credit Suisse Thomas Gottstein saw his salary reduced by 43% last year to $4.1 million. (Bloomberg)
Jim Simons, 83, was again the richest hedge fund manager last year. (Institutional Investor)
French commodities hedge fund manager Pierre Andurand has made gains of 109% through early March. He bet that oil prices would rise. (FinancialTimes)
Chairman and CEO Dev Kapadia left Cerberus after nearly 20 years. (Bloomberg)
“As a fugitive in Dubai, you can grab property, stash your yachts and open bank accounts with very little hurdles. It’s also one of the few autocracies that is a destination – rather than a place transit – for illicit flows.” (Bloomberg)
Jeff Bezos apparently had some trouble with the blue jumpsuit he paired with a cowboy hat for his space launch. When he tried it on, the suit fit badly around the crotch; he reportedly had his tailor transported to his ranch in Texas to fix it. (Bloomberg)
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