From the Wall Street Journal: “At J.P. Morgan Chase & Co., compensation for investment bankers and traders rose 13%, about three times as much as the extra revenue they produced. J.P. Morgan is paying CEO Dimon $34.5 MM, $3 MM more than he made in the previous two years. The J.P. Morgan board also awarded him a $50 MM special bonus earlier in 2021.”

WSJ

“JPMorgan also gave its younger staff a raise this week for the second time in seven months, lifting base salaries to match rivals. First-year bankers will now make $110,000 a year, up from $85,000 at the start of 2021, according to a person familiar with the matter. Associates, the next rung up the ladder and typically three years into their careers, got a $25,000 raise to $175,000 this week.”

WSJ

“Compensation as a percentage of revenue at the five biggest companies ticked up to 35% from 33%, where it had been for two years. That means their bankers, traders, engineers and portfolio managers took home an extra $9 billion that might otherwise have gone back to shareholders or been invested in new loans or technology upgrades. Jefferies Financial Group LLC gave its most-junior employees a choice of gifts including a Peloton bike.”

WSJ

Meanwhile on the crypto news… NY City Mayor Eric Adams converted his first paycheck into cryptocurrency ($BTC and ETH)

Ketamine for depression ?