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Wall Street’s leading banks increased pay by nearly 15% last year as they fought a war for talent that is expected to drag on as long as dealmaking remains buoyant. JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America disclosed in recent days that they had handed out $142b in pay and benefits in 2021, up from $124b in 2020, in an effort to keep their top bankers satisfied and cope with a global rise in wage inflation.
“The reaction [from bankers] usually would be very positive after this kind of pay year — we’ve told our clients to expect so-so to OK,” said Alan Johnson, managing director of Johnson Associates, a pay consultancy in New York. “The view is, I got paid a ton of money for ’21 but, boy, I earned it and I’m exhausted.”
https://www.ft.com/content/9bdef7a6-69f1-4f42-b27d-74dd34db4804
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