Monday, August 17, 2009

JPMorgan as Scum

Now JPMorgan is using its government muscle to distort and limit pay scales in its industry, A JPMorgan employee received a job offer with higher pay from a competitor. He took the job. JPMorgan called in the government to stop him from getting the higher pay. Reports FT:

JPMorgan asked the [the UK's] Financial Services Authority to review a multi-million pound compensation package being offered to lure one of its star proprietary traders to rival Barclays Capital, the investment banking arm of Barclays...

JPMorgan contacted the FSA over concerns that the package was excessively risky and would distort the market for City bankers, according to people familiar with the negotiations. It is understood that JPMorgan will not match BarCap's offer.

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