Silver lining

21 October 2010 By Antony Currie Follow @AntonyMCurrie

Sure, a slow year and ongoing public scrutiny has pushed bonus accruals down. But bank shares have tumbled, too. With stock a larger portion of compensation, even if the rest of 2010 disappoints, investment bankers stand to benefit financially from a longerterm market recovery.

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Investment banking compensation for the first nine months of the year lags the same period last year at Goldman Sachs, JPMorgan and Morgan Stanley.

Goldman Sachs set aside $13.1 billion in the first three quarters of the year, compared with $16.7 billion by the same point last year, which equates to a 22 percent decrease. The firm's headcount has also increased 11.6 percent.

JPMorgan's investment bank has set aside $7.9 billion so far in 2010, 9 percent less than last year's $8.8 billion. Staffing has increased 6.2 percent.

Morgan Stanley's compensation pool for the year to September stands at $5.3 billion, 7 percent less than last year. The firm does not break out headcount at the investment bank, but has also been hiring this year.

Context News

Investment banking compensation for the first nine months of the year lags the same period last year at Goldman Sachs, JPMorgan and Morgan Stanley.

JPMorgan's investment bank has set aside $7.9 billion so far in 2010, 9 percent less than last year's $8.8 billion. Staffing has increased 6.2 percent.

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