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Wall Street Rates Traders to Get Up to 20% Bonus Increases
It’s a good time to be a rates trader on Wall Street. JPMorgan Chase boosted its 2016 bonus pool for traders dealing in government bonds, swaps and other assets tied to interest rates by about 20%, while Morgan Stanley and Bank of America increased their similar bonus pools by >10%.
It’s their first pay bump since 2012 after political events set off a frenzy of transactions last year, even as pressure to keep compensation in check still rules at investment banks, especially at struggling European firms. Rates trading in particular fueled the 15% increase in fixed-income revenue at the 5 biggest Wall Street banks. The boost came late in the year, when the U.S. election roiled expectations for interest rates and economic growth.
Rates traders outperformed most of their peers in fixed income – e.g., JPMorgan’s bonus pool for credit traders rose by 10%.
Not all banks took part in the rates-trading party. UBS Group incurred losses in its macro business, which typically includes rates and currencies trading, after being caught wrong-foot following President Donald Trump’s surprise victory in November.
