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JPMorgan tops list of best paying banks – but only if you’re a manager | JPMorgan tops list of best paying banks – but only if you’re a manager |
(35 minutes later) | |
JPMorgan has topped a list of the best paying UK-based banks – but only if you’re a manager. | JPMorgan has topped a list of the best paying UK-based banks – but only if you’re a manager. |
The US bank’s London office pays its managing directors a median £919,463 salary. That’s 35 per cent more than its closest rival, Morgan Stanley, where managers get a median of £682,525 per year. | The US bank’s London office pays its managing directors a median £919,463 salary. That’s 35 per cent more than its closest rival, Morgan Stanley, where managers get a median of £682,525 per year. |
But JP Morgan did not offer the best salary for associates, according to research by Emolument.com, a salary benchmarking site that analysed 1,4333 salaries from managing directors and associates in London to create a league table of the best paying banks. | But JP Morgan did not offer the best salary for associates, according to research by Emolument.com, a salary benchmarking site that analysed 1,4333 salaries from managing directors and associates in London to create a league table of the best paying banks. |
JP Morgan got the worst score for fairness as its managing director salary was more than £800,000 superior to its associate salary at £105,000. | JP Morgan got the worst score for fairness as its managing director salary was more than £800,000 superior to its associate salary at £105,000. |
Executive pay has been in the spotlight recently after Britain’s high profile bosses called for companies to restore confidence in a system that is seen as “broken”. | Executive pay has been in the spotlight recently after Britain’s high profile bosses called for companies to restore confidence in a system that is seen as “broken”. |
Deutsche Bank’s investors voted down a pay package for chief executives after the bank made a €6.8 billion (£5.2bn) loss last year. The vote followed previous pay rebellions at Citygroup and Renault. | Deutsche Bank’s investors voted down a pay package for chief executives after the bank made a €6.8 billion (£5.2bn) loss last year. The vote followed previous pay rebellions at Citygroup and Renault. |
The Emolument data found that top managers at Deutsche Bank received average compensation of £675,000, despite the fact that the bank has recently announced it is cutting its bonus pool by €2.41 billion (£1.88 billion) after posting its first annual loss since 2008. The bank ranked 14th on Emolument fairness scale. | The Emolument data found that top managers at Deutsche Bank received average compensation of £675,000, despite the fact that the bank has recently announced it is cutting its bonus pool by €2.41 billion (£1.88 billion) after posting its first annual loss since 2008. The bank ranked 14th on Emolument fairness scale. |
Credit Agricole was ranked as the bank with lowest pay package of £200,000 for managing directors. | Credit Agricole was ranked as the bank with lowest pay package of £200,000 for managing directors. |
Societe Generale, Credit Agricole, Commerzbank and Credit Suisse, which has the lowest MDs salaries, scored highly for fairness. | Societe Generale, Credit Agricole, Commerzbank and Credit Suisse, which has the lowest MDs salaries, scored highly for fairness. |
The era of big bonuses might soon be coming to an end. A report by the accountants Deloitte said “two in five FTSE 100 CEOs received a salary freeze this year” and talked of “continued restraint” by boards. | The era of big bonuses might soon be coming to an end. A report by the accountants Deloitte said “two in five FTSE 100 CEOs received a salary freeze this year” and talked of “continued restraint” by boards. |
Richard Pennycook, chief executive of the Co-op group, has surprisingly asked for his pay packet to be cut by 60 per cent having seen the first signs of success with his turnaround of the food-to-funerals conglomerate. | Richard Pennycook, chief executive of the Co-op group, has surprisingly asked for his pay packet to be cut by 60 per cent having seen the first signs of success with his turnaround of the food-to-funerals conglomerate. |
Salaries and bonuses at 18 banks ranked from best to worst | |
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