Both JPMorgan and Goldman Sachs paid an average of $1.5 million each to their top bankers in Britain back in 2016. It was higher when compared to local rivals HSBC and Barclays with only $1 million each.
Data released by each bank showed that they paid an average of $1.06 million to such staff in 2016. This was considerably lower from the $2 million for the year ended December 31, 2013. It was when new rules with the purpose of curbing banker bonuses were implemented by the European Union.
The Wall Street banks’ higher pay packages are proof of the bank being able to bounce back more quickly than those in Britain.
Some of the banks were faced with substantial post-crisis costs due to the financial crisis of 2008. They were then put in a situation which limited the amount they can pay their bankers.
The data also showed that the EU rules in 2013 to reign in banker bonuses are taking their toll. The banker bonuses were blamed for pushing the risk-taking of banks to extreme levels which resulted to the 2008 crisis.
JPMorgan paid 672 senior or risk-taking staffs an average of $1.52 million each in 2016 for a total of $1.02 billion. Golman on the other hand paid 724 bankers who received an average of $1.48 million each.
JPMorgan’s New Algorithm for YouTube
JPMorgan Chase decided to once again begin advertising in the media platform, YouTube after it developed its own algorithm.
The algorithm, developed by the bank’s internal media buying team, is meant to help avoid YouTube ad pitfalls. This was to further ensure that its ads will not be placed anywhere near videos with questionable content.
It has 17 filters which will classify YouTube channels into “safe” and “unsafe” for the ads produced by the brand.
“When news broke about ads finding their way next to horrific pieces of content, we paused our efforts and pulled our ads from YouTube,” said JPMorgan’s executive director of media and channel strategy Jake Davidow. “We wanted to figure out a scalable solution and make sure we got it right.”
The team began the development of the YouTube algorithm in August and launched it on October.