(NEW YORK) — Another big bank announced job cuts Tuesday, but for those still employed on Wall Street it remains lucrative.
JPMorgan Chase said it would cut thousands of jobs by the end of the year in an effort to decrease expenses by at least $1 billion annually.
For those who remain employed on Wall Street, the New York State comptroller said bonuses should rise about eight percent this year. That’s on top of the average salary of $362,000.
High finance shed more than 28,000 jobs during the financial crisis, and only a fraction have returned.
The news about the rising bonuses may surprise those who remember the outcry over the industry’s compensation during the financial crisis, but the banks say they need to pay big to retain talent. Their paychecks are still a big part of New York’s economy.
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Madison Park, Keith Allen and Andreas Preuss, CNN