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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

JP Morgan investment bankers suffer 30% bonus cut as takeover deals slump

JP Morgan United States Jamie Dimon
People walk by the JP Morgan building in New York
JP Morgan put aside $6.4bn for potential customer defaults for the year. Photograph: Eric Thayer/Reuters

JP Morgan has slashed bonuses for investment bankers by 30% after a slump in takeover deals as corporate clients braced for a widely predicted recession.

Wall Street’s largest lender reported a 22% drop in full-year profits to $38bn (£31bn) on Friday, having suffered the ripple effects of the economic slowdown linked to the war in Ukraine.

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