JPMorgan's Profits Soar Despite Industry Distress.
TL;DR Summary
JPMorgan's corporate and investment bank added 900 people in Q1 2023, resulting in a 9% YoY increase in employee numbers. Despite this, revenues were stable, profits were up 1%, and the return on equity remained the same at 16%. The bank's spending on compensation in the corporate and investment bank fell 2%, resulting in a 6% decline in average pay per head. The increase in fixed income sales and trading revenues was attributed to strength in rates and credit trading, while emerging markets and FX trading revenues fell.
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