JPMorgan Chase staff ‘unhappy’ with bonuses: report

Stellar performance reviews don’t always translate into hefty bonuses, employees at JPMorgan Chase are now finding out.

Workers at the bank have been informed by their managers of their bonuses and pay raises for 2024, but many are unhappy and shocked.

Leaner bonuses and pay increases are expected even after JPMorgan Chase beat expectations on Wall Street.

‘Disrespected and undervalued’

Employees who spoke to Fortune, under the condition of anonymity for fear of retaliation, shared their frustration over being “disrespected and undervalued” by the management despite their years of service and after 2024 revenue and profits soared.

One worker said their bonus went up by just US$3,000 and that members of their team received only a 2% pay increase. “It hasn’t been a positive experience for most of us,” they said.

Another employee told Fortune they had tempered their expectations but were still “shocked” to know of the value of the incentive. They had earlier received positive reviews on their performance.

“That’s how it goes when you stay at a company,” they said. “It just feels like a slap in the face.”

For this staff member, in particular, the ordeal was “very much like a punch to the gut”.

The employees’ compensation pales in comparison to the pay package of CEO Jamie Dimon, who will receive $39 million: $1.5 million of which will come from his base salary and $37.5 million in incentives.

Keeping mum over low pay raises

But employees are choosing to fight their battles carefully.

One employee – whose office was shuttered during the COVID crisis and who switched to remote work – no longer raised concerns over the meagre increase after they found out.

Their pay bump this year was just 2%, a low ball compared to what they had received in previous reviews. But they opted not to question the decision lest they be stripped of some privileges.

“I’m in a position where pushing back would likely be detrimental,” they said.

Disappointed employees resisting RTO

The issue of incentives and pay raises isn’t the only concern JPMorgan Chase employees are dealing with.

News of their return to office five days a week, possibly in March, has prompted many to search for opportunities elsewhere.

The RTO mandate for a five-day setup for all employees is the culmination of the company’s years-long effort to end remote and hybrid work.

Dimon himself has long been a critic of remote work, once saying: “In general, there’s nothing like face-to-face.”

Some 40% of the company’s workforce currently follow a hybrid arrangement.

Employees believe the combination of slim bonuses, low pay raises, and the RTO mandate is just a way for the company to reduce headcount – by edging out staff members without having to initiate the layoffs.

“I do feel that, as people plan to exit, this was the company’s plan all along. [JPMorgan Chase] will save a lot on severances by just pushing people out,” said one of the people who spoke to Fortune.

A record-breaking year for JPMorgan Chase

JPMorgan Chase will be paying out the incentives of US-based employees by 28 January.

As the largest US bank by assets ($4 trillion), the group performed well in 2024, generating $43.74 billion in revenue (up 10%) and $14 billion in profit (up 50%). It also saw net income reach a record high of $58.5 billion.

Overall, it employs 300,000 across divisions such as investment banking, commercial banking, consumer banking and assets and wealth management.