JPMorgan's London traders each earned an average salary of £360k last year

How much will you get paid if you have a sales or trading job at JPMorgan Securities Plc in London? The UK operation's newly released accounts for 2018 offer some clarification.

JPMorgan Securities Plc is JPMorgan's London-based sales and trading business. In the year ending December 31st 2018, it employed 2,229 people and paid them around $1bn in wages and salaries, making the average London salary $454k (£357k).

JPMorgan Securities' London staff were also given a total of $382k in share-based awards (ie. bonuses) last year. The average bonus for London salespeople and traders was therefore an additional $171k.

The average in total compensation (bonus plus salary for) salespeople and traders at JPM in London was then....$553k (£426k) in 2018.

That's pretty generous. 

The high pay on JPMorgan's London trading floor came after 2018 revenues at the UK sales and trading business rose nearly 40% on the previous year, to $10bn. Net profits rose 30% to $3.4m. The London bonus pool - expressed as share-based payments, rose 23% accordingly.

Needless to say, JPMorgan's London salaries and bonuses are not distributed equally and the people with the highest pnl are paid by far the most.

JPMorgan Securities has yet to reveal how much it paid its material risk takers (most senior staff and senior traders) last year, but in 2017 average total pay for each material risk taker in London was $1.4m. - With senior staff taking most of the pay pot, the median is likely to be a lot lower than the mean.

Someone at JPM Securiites in London was particularly well-rewarded last year. The highest paid director there received a salary and cash bonus of $2.2m, plus unspecified bonus payments thorugh the bank's share scheme.

As we reported previously, Daniel Pinto - the London-based co-president and co-chief operating officer of JPMorgan and CEO of JPMorgan's Corporate & Investment Bank - receives $687k a month in cash and a total package of $22m. He doesn't seem to feature in JPM Securities' accounts. 

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