Morning Coffee: 41 year-old J.P. Morgan FX salesman paid $1.4m in London. Worst night of the year approaching
The good thing about court cases involving bankers is that they often involve pay numbers. Even better, those pay figures have usually been substantiated by the courts. The latest case to fall into this category is that involving Patrice Ktorza, a (then) 42 year-old member of J.P. Morgan's FX sales team in London.
Ktorza left J.P. Morgan last year, but his subsequent attempts to sue the bank for unfair dismissal have made his otherwise confidential pay data public. We know, for example, that as an executive director at J.P. Morgan, Ktorza earned a salary of £290k ($419k), plus a bonus of $1m, bringing his total compensation to $1.4m (£970k). Strangely enough, this is exactly the average amount that J.P. Morgan paid its London-based registered staff last year.
Ktorza's pay looks less impressive alongside the figures to emerge from Bank of America during the Messina court case last month. However, Bank of America's figures referred to heads of business and managing directors and Ktorza was neither. On the other hand, his pay looks inordinately generous compared to that of 41 year-old salaried employees in most other companies and sectors. Ktorza is now finding this out to his cost. Blacklisted by the FCA after being sacked from J.P. Morgan over allegations that he partially filled a trade order - a process banned by the bank, and which he strongly denies - Ktorza is currently working in a non-registered role in finance at a "fraction" of his former income.
Separately, you don't want to be working on a trading floor in late June. Bloomberg reports that J.P. Morgan., Royal Bank of Scotland, Morgan Stanley and Lloyds Banking Group are all planning to make their employees work through the night on June 23rd - the day of the UK's EU referendum.
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