JPMorgan (JPM.N) and Goldman Sachs (GS.N) paid their top bankers in Britain an average of $1.5 million each in 2016, compared with $1 million for local rivals HSBC (HSBA.L) and Barclays (BARC.L), data released by the banks last year shows.
Data compiled by Reuters from 13 banks’ filings, some of which were released only late last month, shows they paid an average of $1.06 million to such staff in 2016, down from $2 million for the year ended Dec. 31, 2013 when new European Union rules aimed at curbing banker bonuses took effect.
The Wall Street banks’ higher pay packages show how they have bounced back more quickly from the financial crisis than their peers in Britain, some of which have faced hefty post-crisis costs that have limited banker pay.
The data also shows that EU rules to rein in banker bonuses, blamed for driving excessive risk-taking in the run up to the 2008 crisis, are having an impact.
JPMorgan paid 672 staff in senior or risk-taking positions a total of $1.02 billion in 2016 for an average of $1.52 million each, while 724 Goldman bankers took home an average of $1.48 million each, according to Reuters’ calculations from the filings.
Data compiled by Reuters from 13 banks’ filings, some of which were released only late last month, shows they paid an average of $1.06 million to such staff in 2016, down from $2 million for the year ended Dec. 31, 2013 when new European Union rules aimed at curbing banker bonuses took effect.
The Wall Street banks’ higher pay packages show how they have bounced back more quickly from the financial crisis than their peers in Britain, some of which have faced hefty post-crisis costs that have limited banker pay.
The data also shows that EU rules to rein in banker bonuses, blamed for driving excessive risk-taking in the run up to the 2008 crisis, are having an impact.
JPMorgan paid 672 staff in senior or risk-taking positions a total of $1.02 billion in 2016 for an average of $1.52 million each, while 724 Goldman bankers took home an average of $1.48 million each, according to Reuters’ calculations from the filings.
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