Earnings millions at JPMorgan versus earning millions at Morgan Stanley. An observation
If you are a managing director at JPMorgan in London, you will earn good money. The same applies if you are a managing director at Morgan Stanley. But the two firms' regulatory filings for their UK operations also reveal an important discrepancy in the pattern of their pay.
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Morgan Stanley's 425 material risk takers (MRTs) earned an average of £1.5m each in London last year, of which £900k was a bonus. JPMorgan's also earned an average of around £1.5m, of which around £900k was also bonus. Strange.
Below the surface, though, all is not equal. As the euro-denominated tables below, also taken from the two banks' regulatory filings reveal, JPMorgan spreads its €1m+ pay packages in London lavishly among its lower earning millionaires. Morgan Stanley, by comparison, favours its people earning €3m and above. 23% of Morgan Stanley's 2025 euro millionaires (not a reference to scratch cards) were in this category; 16% of JPMorgan's were.
What can be taken from this? Maybe that if you fancy your chances at becoming a very high earner, then Morgan Stanley's London business is the place for you. But if you intend to become a run-of-the-mill euro millionaire (not a reference to scratch cards), try JPMorgan instead.
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