JPMorgan & Morgan Stanley cut heads, raised pay in London last year
JPMorgan and Morgan Stanley posted their full year 2024 results a while ago (they both did pretty well), but it’s taken a bit longer for their London-based subsidiaries to announce how they did across the year. In a nutshell – they did well, but there were cuts.
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Accounts were released earlier this week for the London-based international subsidiaries of US banks JPMorgan and Morgan Stanley, under the names JPMorgan Securities plc and Morgan Stanley & Co. International plc, respectively. Both entities are involved in both investment banking and sales & trading activities.
JPMorgan paid an average of $430k per head to its London employees in 2024, up from the measly $410k a year it paid in 2023. It also cut a small handful of its people – total headcount went from 2,159 to 2,154 at the firm’s London subsidiary.
Morgan Stanley, meanwhile, was more brutal. It paid better - $481k per head in 2024, a healthy increase on the $464k it paid per head in 2023. But it also cut more people – over 100, with headcount at the firm going from 2,194 to 2,092.
While JPMorgan’s cuts weren’t a huge surprise – the bank shed 500 people worldwide in Q4 of 2024 alone – Morgan Stanley’s were. The bank went through some pretty hefty cuts in 2023. It didn’t appear to cut wholesale in London in 2024, but it did shed some people in China.
Unfortunately for employees at both Morgans, 2025 will likely be a shedding year as well. Morgan Staney announced back in March that it intended to cut 2,000 heads worldwide across the year. JPMorgan intended to cut throughout 2025, with March, May, June, August, and September being cutting months.
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