From Banking to Books: JPMorgan’s Talented Banker Finds New Path.

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In their latest filing, JPMorgan praised CEO Jamie Dimon, calling him a “highly talented and experienced executive”. Dimon’s total compensation for 2023 was $36 million, including a $34.5 million bonus. However, there are concerns about what the company will say next year after using such superlatives. Dimon’s leadership contributed only 0.1% to the bank’s performance, making the shareholders feel they got a good deal. But with potential new regulations on the horizon, Dimon’s winning streak might come to an end.

In a break with industry tradition, two bankers have announced that they are leaving the industry to pursue more interesting ventures. Marcus Satha is leaving Citi to focus on a charity he started, Inclusive Books For Children, which aims to provide diverse children’s books. Osman Malik is leaving UBS to expand a small blues club he bought during the pandemic. Both individuals have been working on these projects for years and are driven by authentic passion.

Meanwhile, Jain Global Capital’s expected launch size has been revised down to $5-6 billion, as there is a shortage of investment talent and some variable returns across second-tier hedge funds. Citi is cutting 20 equity research jobs in Asia, and there have been some high-profile departures from the wealth management and equities sales and trading divisions. Venkat at Davos stated that he wants to “shrink the investment banking business”, but he meant this in relation to growing other business lines alongside it.

Lastly, there have been several layoffs of former Credit Suisse managing directors at UBS. The layoffs were likely planned months ago and represent decisions made as people finish projects and tie up loose ends.

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