JPMorgan Chase bankers may be facing a pay cut.
Bank chief financial officer Marianne Lake said at an investor conference Wednesday that JPMorgan (JPM) could cut compensation for investment banking employees if it continues to post lower revenue, according to The Wall Street Journal.
Lake also said there could be "too much capacity" in the bank's fixed-income division in the longer-term, according to the report. That may lead to cuts in JPMorgan's business over time, depending on market conditions.
The firm said it suffered steep trading losses in the first quarter, and Citigroup (NYSE:C) and Barclays (London Stock Exchange: BARC-GB) are expected to follow suit.
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- Financials Industry
- Banking & Budgeting
- JPMorgan Chase