'Feels Like a Slap in the Face': Some JPMorgan Employees Reportedly Aren't Happy With Their Bonuses JPMorgan reported a record-high net income for 2024 of $58.5 billion.

By Sherin Shibu Edited by Melissa Malamut

Key Takeaways

  • Some JPMorgan teams are saying their 2024 bonuses were lower than expected, according to a new report.
  • JPMorgan's net income last year was at an all-time high.

JPMorgan Chase CEO Jamie Dimon received a total compensation of $39 million in 2024, the most he's ever made, the bank reported on Thursday. However, some of his workers are unhappy with their recent bonuses.

According to Fortune, JPMorgan managers began telling the bank's more than 300,000 global employees how much they earned in 2024 bonuses on Tuesday and Wednesday of this week. The bank is expected to pay U.S. employees the extra money next week on January 28. Annual bonuses on Wall Street have a long history, dating back to the 20th century when J.P. Morgan himself pioneered the practice by giving his employees a one-time cash gift equal to a year's salary. According to figures from the New York State Comptroller, seen by the NYPost, the average Wall Street bonus in 2023 was $176,500.

The five U.S.-based JPMorgan employees who spoke to Fortune indicated that they were disappointed with their bonuses, though some tried to look on the positive side and said they were grateful that their numbers weren't lower. These employees, who worked in divisions other than investment banking (like commercial banking and asset and wealth management), received raises ranging from 2% to 2.7%—far less than the 15% raise in bonuses reportedly received by JPMorgan investment bankers.

Related: JPMorgan Chase CEO Jamie Dimon Isn't Worried About AI Taking Over Jobs — Here's Why

JPMorgan reported its fourth quarter 2024 financial results earlier this month and stated that net income for the quarter was $14 billion, up 50% from the same time last year, while net revenue was $43.7 billion, up 10%.

The bank posted a record-high full-year 2024 net income of $58.5 billion.

All of the employees who spoke with Fortune were aware of the bank's recent record performance, with one worker stating that they felt "disrespected and undervalued."

One JPMorgan employee told Fortune that they found out on Wednesday that their bonus only increased by $3,000 from last year, for a 2% raise. They took the rest of the day off from work—so they wouldn't say anything negative about it.

A different worker said they received outstanding reviews last year yet earned a similarly low raise.

"It just feels like a slap in the face," they said.

Other employees complained of receiving smaller bonuses than last year.

Related: JPMorgan Chase CEO Jamie Dimon Wants People to 'Stop Talking' About AI: 'It'll Help You Do Your Job Better'

Meanwhile, JPMorgan informed its staff earlier this month that it is implementing a strict return-to-office (RTO) mandate in March where almost all workers will be required to work from the office five days per week, shifting schedules for the 40% of workers who were on a hybrid schedule.

The announcement sparked internal pushback on an internal company website. More than 300 JPMorgan employees voiced concerns about how the RTO mandate would affect their commute, work-life balance, and childcare costs, prompting JPMorgan to shut down comments about the topic.

Related: JPMorgan Says Its AI Cash Flow Software Cut Human Work By Almost 90%

The RTO mandate, coupled with the recently low bonuses, has led some employees to speculate that JPMorgan wants to reduce the number of people in its workforce, per Fortune.

According to a July survey from Bamboo HR, about a quarter of C-Suite executives hoped that strict return-to-office policies would cause employees to quit. Bamboo HR called this concept "layoffs in disguise."

Sherin Shibu

Entrepreneur Staff

News Reporter

Sherin Shibu is a business news reporter at Entrepreneur.com. She previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. Her areas of coverage encompass tech, business, strategy, finance, and even space. She is a Columbia University graduate.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Fundraising

How to Navigate Fundraising Challenges Like a Pro and Win Over Investors

Raising capital for your business is one of the most difficult hurdles to success. Here are some helpful tips for meeting these challenges head-on and overcoming them.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Walmart Is Laying Off Hundreds, Relocating Others as the Company Closes a U.S. Office

Walmart is giving some employees at least a month to decide if they want to relocate.

Business News

Thieves Steal $40,000 Worth of Eggs in a Massive Trailer Heist: 'Liquid Gold'

Egg prices are expected to continue to rise in 2025.

Side Hustle

His 6-Figure Side Hustle Fills a 'Glaring' Gap for Coffee Drinkers — Now It's 'Taken On a Life of Its Own'

Ryan Schneider already had one coffee-related business. Then the lightbulb went off for another.

Business Solutions

AI Can Turn Your Raw Data into Actionable Insights and Visual Stories

Spend more time on operations and generating business instead of figuring out how your data can boost your bottom line.