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Former analysts who earned $85k are feeling a bit peeved.

Morning Coffee: Incoming JPMorgan analysts on $110k salaries cause complaints. The peril of single, smart women

Like most investment banks in search of young talent, JPMorgan has increase salaries for its analyst class. Not once, but twice: having increased them to $100k last summer, it increased them again to $110k in January. In less than a year, salaries for the most junior bankers at JPM rose by nearly 30%.

This has not gone unnoticed by people who've done the same job at JPMorgan, but for a lot less money. The Wall Street Journal has spoken to one of them. 

“I’ve definitely heard a lot of disgruntlement from my fellow bankers,” Milly Wang, a Harvard MBA, who was once an analyst at JPMorgan herself tells the Journal. "Maybe there’ll be some grumbling over drinks.”

Wang hasn't actually worked at JPMorgan since 2018, so it's not clear how many fellow bankers she still associates with. It's notable, though, that she when she joined four years ago she earned a salary of $85k, which is what JPM was still paying last year before its first salary hike.

The Journal has also unearthed an incoming JPMorgan analyst who appears to have internalized some of the guilt at having a six figure pay package as a new graduate. “It’s crazy to think that a person straight out of college is making that kind of money," says Anuhya Tadepalli, a Cornell major who'll be earning $110k when she joins JPM this summer.

Separately, if you're a smart young single woman, you probably don't want to let it be known at work. Research by George Washington University and the University of Pennsylvania’s Wharton School has found that women who are perceived as unmarried and analytical are considered less appropriate for leadership positions than married or unmarried men or married women. The bias was evident among both men and women... 

Meanwhile...

Spyros Svoronos resigned from Credit Suisse last year and joined Lazard in October. Now he's rejoining Credit Suisse as head of the global industrials group. It's not clear what changed his mind. (Bloomberg) 

Goldman Sachs is leaving Russia and letting go of around 80 people. (CNN)

JPMorgan is pulling back from Russia. It's headcount there is in the low 100s. (Bloomberg) 

Deutsche Bank said it is not practical to close its Russian business. (CNBC)

VTB is letting go of 60 people from its commodities trading arm. (Bloomberg) 

Vladimir Putin said Russia would find “legal solutions” to seize assets based in the country from international groups that have decided to close their operations over Moscow’s decision to invade Ukraine. (Financial Times)

Venkat Badinehal, head of FIG at RBC, says FIG deals may continue despite the uncertainty over the war. (Bloomberg) 

Credit Suisse CEO Thomas Gottstein had his pay cut 43% last year to $4.1m. (Bloomberg) 

83 year-old Jim Simons was the richest hedge fund manager once again last year. (Institutional Investor)

French commodities hedge fund manager Pierre Andurand has achieved 109% gains through to early March. He bet that oil prices would rise. (Financial Times) 

Senior managing director Dev Kapadia has left Cerberus after nearly 20 years. (Bloomberg) 

"As a fugitive in Dubai, you can snatch up property, stash your yachts and set up bank accounts with very few obstacles. It’s also one of the few autocracies that’s a destination — rather than a transit location — for illicit flows.” (Bloomberg) 

Jeff Bezos apparently had some issues with the blue jumpsuit he paired with a cowboy hat for his space launch. When he tried it on, the jumpsuit fit poorly around the crotch; he allegedly had his tailor flown to his Texas ranch to fix it. (Bloomberg)

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Photo by Elena Mozhvilo on Unsplash

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AUTHORSarah Butcher Global Editor
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  • An
    Anonymous
    13 March 2022

    How did the survey find married women are perceived compared to smart young single men?

  • Er
    Eric DeSimone
    12 March 2022

    We are screwed as a society. We all started our careers making less then the current starting salaries of today. All goods from houses to cars were many times less 20 years ago. Are we all owed something?

  • KE
    KE2K1
    12 March 2022

    There are nuances about this that aren't being considered.

    Simply looking at the starting pay of these grads and comparing with what you received when you were in the same position is just silly. There is inflation and a need to compete with other industries for talent.

    What IS concerning is that pay for senior positions hasn't risen nearly as much in % trends and the ratio between pay for senior positions compared to junior positions has flattened a lot in the past 10 years. The problem isn't only in disgruntled senior employees who feel they're getting shafted but is deeper than that. If you have a really flat pay scale as you move up seniority you don't build the same level of hunger and drive amongst the junior class... Why work so much harder for the promotion if it's only a 20% raise compared to what it use to be which was more like a 50% raise.

    Bumping the pay for graduates certainly makes it easier to hire to talent from the top universities but it certainly doesn't bode well for the long term.

    Finance used to be a meritocracy where those that can will enjoy the fruits of their labor whereas now there's a lot more zombie employees who live off of subsidies from the minority of driven and successful individuals.

  • al
    alaskanexile
    11 March 2022

    The bigger picture is that this is what an Uber driver makes

  • An
    Anonymous
    11 March 2022

    The George Washington/Wharton research seems to have fallen into the trap of confirmation bias by setting out to show that single analytical women are less well thought of than single analytical men, and the words used in the explanation of the findings seem to demonstrate unconscious bias. One wonders if the report would have been published it if had been found that single analytical men were thought more badly of than single analytical women.

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