JPMorgan may freeze some staff salaries, pay traders higher bonus: Report

Topics JPMorgan | Traders | Bonus payouts


(Reuters) - JPMorgan Chase & Co plans to freeze salaries for most employees with titles of vice president and above even as it expects to increase bonuses for some traders as much as 20%, according to a person familiar with the matter.

The plans come as bank executives grapple with next year’s budgets and consequences of the COVID-19 pandemic, which include low interest rates and higher costs for loan losses even as trading revenue has surged. As part of the incentive pay for traders, bonuses increase when market revenue.....

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