Goldman Sachs and JPMorgan Chase, Wall Street's premier investment banks, this week informed staff of bumper bonuses for 2021, following a record-breaking year for Wall Street dealmaking.
Record levels of deal-making and trading activities have driven profit at investment banks this year as economic stimulus measures helped propel stockTop performers in M&A advisory and equity capital markets enjoyed some of the biggest bonuses at both Goldman and JPMorgan, the people said.in Goldman's M&A advisory and ECM divisions were handed an average 40% increase in bonuses with the very best performers seeing rises of 50% or more.
Wall Street's biggest banks are facing cutthroat competition to hire and are paying more to recruit and retain top talent. But that comes at a price. JPMorgan Chase reported last week that its non-interest expenses jumped 11% in the fourth quarter last year, largely due to higher staff compensation. Goldman reported a 33% rise in compensation expenses last year.JPMorgan boss Jamie Dimon said the bank would pay what it takes to retain the bank's top talent.
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