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"And investment bankers got their 2012 pay cut, while firm asset managers didn't.JPMorgan paid investment bankers and traders about 3% less in 2012 as shaky economies in the U.S. and Europe put a damper on deals, said two people with knowledge of the firm&amp;rsquo;s compensation. Portfolio managers and other executives in asset management received an average 6% increase in salary and bonuses, according to two other people briefed on pay at the New York-based firm. Bloomberg reports that senior investment bankers and traders had braced for steeper reductions exceeding 10%, one person said, after global deals slid 13% to $2.67 trillion in 2012. Net income at JPMorgan&amp;rsquo;s investment bank for the first nine months of 2012, before it was merged with the corporate bank and treasury services divisions, dropped 15% to $5.2bn. The cuts pale next to those inflicted on JPMorgan Chief Executive Officer Jamie Dimon and on some peers at rival banks. Dimon&amp;rsquo;s pay was halved after the bank suffered its worst-ever trading loss in the so-called London Whale episode. Top employees at UBS AG, Switzerland&amp;rsquo;s biggest lender, will take a 7% reduction in their bonus pool and get paid with bonds whose value could be wiped out. Senior executives at JPMorgan bore a heavier share of bonus cuts in the investment bank to insulate junior and mid-level staff from harsher reductions, said one of the people, who requested anonymity because pay discussions are private. Joe Evangelisti, a company spokesman, said the firm had no comment. JPMorgan paid the approximately 26,000 employees in its investment bank an average of $314,980 for the 12 months ended September 30th. Hit the link below to access the complete Bloomberg article: JPMorgan Said to Cut Investment Bank Pay 3%, Asset Managers Gain Goldman Sachs Asset Management Chairman Jim O&amp;rsquo;Neill to Retire RBS Said to Face Up to $783 Million Libor Manipulation FineAnd the Best Place to Work in the global financial markets 2015 is..."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.hitc.com/en-gb/2013/02/06/top-firm-pays-investment-bankers-less-asset-managers-more/>