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JPMorgan developers now want another pay rise

As pressure for pay rises grows alongside inflation, a group of bank clerks shake the stick for another pay rise with more exuberance than the rest: JPMorgan’s mid-tier developers believe that they owe a little more.

“We’ve had an above-average pay cycle (albeit far from the expected level), but our incumbent developer pay levels are well below market rates,” complains a senior developer at the bank. JPMorgan’s Corporate and Investment Board, speaking on condition of anonymity. “This means that when we hire from outside, newcomers at senior vice-president level are paid 25-30% more than incumbents in London, from what I’ve seen.”

JPMorgan does not comment on compensation, but the bank compares its compensation to that of rivals in the financial services sector and technology players. In some markets, JPMorgan Is pay very well: the bank has been spotted paying $300,000 in salaries to VP-level engineers in California, for example. As we reported in January, salaries for technology associates at JPMorgan’s investment bank in London were raised to £70,000 ($95,000) after two years of a graduate program recently, but insiders complain that this is not enough.

“The market has completely changed in the last year,” says another JPM developer, also speaking off the record. “Goldman Sachs and Morgan Stanley pay more now, as do Deutsche Bank and Barclays. Even junior software engineers at Morgan Stanley earn £75,000.”

Banks are not only competing against each other for tech talent, they are also competing with crypto market makers and electronic market making firms. The former pay graduates £150,000 in London according to market rumour; the latter alone pay recently graduated developer salaries of $250,000.

Under these circumstances, JPMorgan is unlikely to be the only bank feeling the pressure – and indeed Goldman Sachs has also lost its fair share of quants and technologists to crypto firms, but JPM insiders say they feel the pay gap most intensely. The bank currently has 5,600 tech jobs open globally (which might not be a lot considering it has 50,000 tech employees in total), including 670 in the UK, and is fighting what the insiders say there is a wave of poaching by rivals inside and outside. outside of industry. “TThe existing workforce is being driven out by tech, fintech and other financial institutions left and right,” says one, who says recruitment is struggling to keep pace.

This may be an overstatement on the part of developers looking for a higher salary. Another senior JPM developer tells us that staff attrition has been “ok” but varies wildly from region to region. All roles are hard to fill, he says, but cloud-savvy developers and DevOps professionals and solutions architects are particularly elusive.

It doesn’t help that JPMorgan would really like people to return to the office, although the bank has relaxed that requirement for the tech team and one developer says they’re not expected every day of the week, so it’s not that evil. There’s good news, though: JPM sources say attempts to track developer performance using a system called BlueOptima that looks at individual developer productivity were quietly dropped earlier this year. “AOn January 1, 22, the contract was officially canceled,” an insider claims.

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