Jefferies Group Inc. (JEF) and Goldman Sachs Group Inc. (GS)
led Wall Street’s largest securities firms in average compensation per employee
at midyear, widening a lead over JPMorgan Chase & Co. (JPM)
Jefferies set aside $870 million in the first six months of
its fiscal year, enough to pay its 3,809 employees an average of $228,407.
Goldman Sachs set aside $225,789 for each of its 32,300 workers. Average pay
for the 26,553 people in JPMorgan’s investment bank was $184,989, or at least
18 percent less than Jefferies’s and Goldman Sachs’s reported figures. It was
10 percent less than both in fiscal 2011.
Wall Street firms are grappling with how much to pay staff
as a slump in trading and mergers pressures revenue. Jefferies and Goldman
Sachs, both based in New York, have been positioning themselves for a rebound
in securities businesses while JPMorgan, which is 64 times larger than
Jefferies, absorbs a $5.8 billion trading loss this year in its chief
investment office….
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