Goldman and JPMorgan Bosses Get Raises Amid Battle for Dominance

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We pivot now from Earnings Season to Pay & Bonus Season. Let’s start with (who else?) JPMorgan Chase’s Jamie Dimon, whose pay package came in at $43 million. That’s actually $4 million short of the award to David Solomon at Goldman Sachs. Down in JPMorgan’s gilded trenches, investment bankers were told they’re going to have to work harder to beat Goldman. Nomura Holdings showed this is possible on its home turf, retaking the top spot in advising on Japanese M&A while fending off Goldman and resurgent domestic challengers.

You might be getting a raise if you’re working in the Netherlands, which is planning to scrap bonus restrictions so that banks can attract talent needed to keep up with global rivals. You might be losing your job at BNP Paribas, which wants to cut 1,200 positions. There’s likely to be an extra $1,000 in your pocket if you work at Bank of America or JPMorgan and open one of the new Trump accounts.

You might be headed for a climb-down if you work at UBS Group, where the Swiss government is taking a harder line on capital requirements and expecting that the bank will ultimately be forced to accept most of its demands. And you might have been raided if you worked at Deutsche Bank and had anything to do with a probe into money laundering allegations involving companies linked to sanctioned Russian billionaire Roman Abramovich.

The Banking Monitor might need to change its name to The Debanking Monitor. We’re referring to the expanding kerfuffle set off by Donald Trump, who formally added JPMorgan and Dimon to his contention that lenders debanked the once-and-again president after the Jan. 6 Capitol riot. Trump sued for $5 billion, which sounds catastrophically awful until you remember it’s only a few days worth of revenue for JPMorgan. — Rick Green