Market Chatter: JPMorgan, Citigroup Mull Ending Fixed Pay Allowance for Senior UK Staff

MT Newswires Live01-20 20:59

JPMorgan Chase (JPM) and Citigroup (C) are considering cutting some of the fixed pay for their senior UK executives, Bloomberg reported Tuesday, citing unnamed sources having knowledge of the matter.

JPMorgan will decide in the coming weeks whether to pare back or scrap fixed allowances for executives, including senior traders, investment bankers, and compliance executives, a source told Bloomberg.

JPMorgan believes the strategy will bring UK pay structures closer to its standard international approach and make them more meritocratic, the person told Bloomberg.

Citigroup is also planning to change its strategy, another person told the news service.

The banks did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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