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After three years at JPM, developers still earn less than junior bankers in year one.

JPMorgan technologists' pay rise is a lot lower than bankers'

As we reported late last year, there are some technologists at JPMorgan earning salaries alone of $300k in California, but they appear to be the lucky few. Even after a pay rise, JPMorgan's junior developers earn a lot less than its junior bankers. 

JPMorgan's London technologists say they received a pay rise this week with the result that first year associates are now on £70k ($95k) after two years' on the graduate programme. This is lower than the £70k that sources previously told us JPM would be paying new graduate hires in 2022. First year technology analysts at the bank are understood to be on salaries of £50k; second year analysts are now on £55k.  

While some technologists described themselves as very happy with the salary increase, it's notable that JPMorgan's investment bankers are now on salaries of $110k in their first year at the bank. - Three years in, technology salaries are on 14% less. 

Best comment picked by the author
Gotta laugh at that last comment. Truth is if you’re a developer at JPM you’re probably not good enough to work at Facebook or Google, else you’d already be working there.

Junior investment bankers at JPMorgan also receive bonuses that are typically 30%+ the level of their salaries. By comparison, junior technologists at the bank say they are more commonly paid bonuses equivalent to 25% or less of their salary amount.

While a first year investment banker at JPM can therefore earn nearly $150k (£110k), even a third year technologist is lucky to earn $120k.

Technologists are sort of sanguine about the discrepancy. "Tech will always be a cost center and at least we're not expected to pull long hours," said one. "But banks do need to do something - we could be earning $180k-$190k at Facebook or Google."

JPMorgan declined to comment on the alleged numbers.

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Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

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AUTHORSarah Butcher Global Editor
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  • Le
    Le6tan
    23 January 2022

    Banks are behind all pay trends for both software engineers and quants. Both can be earning similar or more money outside finance nowadays... In couple of years time finance will be flooded by third-rate stem graduates, if banks do not increase pay substantially...

  • Fi
    Finance Dev
    20 January 2022

    Gotta laugh at that last comment. Truth is if you’re a developer at JPM you’re probably not good enough to work at Facebook or Google, else you’d already be working there.

  • Je
    Jen Seymour
    20 January 2022

    This article is extremely misleading, you can't compare US and UK salaries by a currency conversion, UK companies are forced to pay for pension contributions, etc. whilst US are full pay, if you take into account of all the cost a UK based company have to pay, it'll be comparable to the US

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