????摩根大通(JPMorgan Chase)旗下的投行子公司JP摩根(J.P. Morgan)今年可能為銀行家們漲薪34%，如果該行能保持一季度的發(fā)錢速度的話。

????今年一季度，JP摩根共撥出33億美元用于26,494名員工的薪酬支出，即當(dāng)季人均薪酬達(dá)124,330美元，簡單換算可知全年或至497,320美元。

????而去年JP摩根的員工人均薪酬約為370,000美元。這樣的薪酬絕對(duì)不低，但比不上去年投行界薪酬最高的高盛(Goldman)和德意志銀行(Deutsche Bank)，后兩家公司的人均薪酬分別達(dá)到了431,000美元和514,000美元。為了留住寶貴人才，投行們只能上調(diào)薪酬水平。

????當(dāng)然，一季度薪酬大幅增加并不能確保銀行家們會(huì)獲得大幅漲薪。與其競爭對(duì)手類似，摩根大通表示，計(jì)劃將今年投行業(yè)務(wù)收入的35- 40%用于員工薪酬。今年第一季度處于區(qū)間的高端，而去年處于低端，因此若只是簡單地將一季度薪酬乘以4，得到的數(shù)據(jù)可能具有誤導(dǎo)性。

????還有一個(gè)季節(jié)性因素需要考慮：去年，一季度的投行業(yè)務(wù)收入比其他任何季度都高出了整整20億美元。如果這樣的情況重現(xiàn)，全年人均薪酬最終可能更接近400,000美元，而非500,000美元。

????而且，JP摩根大幅提高薪酬，是在一季度為美國電話電報(bào)公司(AT&T)收購T-Mobile的交易提供一大筆過橋貸款（bridge loan）之后。Dealogic的數(shù)據(jù)顯示，根據(jù)一季度公布的全球并購交易和投行業(yè)務(wù)收入，JP摩根在業(yè)內(nèi)都排名第一。

????不過，一季度的財(cái)務(wù)狀況并非很好。事實(shí)上，投行業(yè)務(wù)收入較上年同期減少1%，利潤下降4%。凈資產(chǎn)回報(bào)率或令人刮目相看，達(dá)到24%，但也低于去年的25%。

????事情就是這樣。華爾街上總是不乏高薪酬。但業(yè)績可不一定出色。

????Bankers at J.P. Morgan, the investment banking unit of JPMorgan Chase (JPM), are in line for a 34% raise this year, if the bank keeps paying at its torrid first-quarter clip.

????The investment bank set aside $3.3 billion for compensating its 26,494 workers in the first quarter. That's equivalent to $124,330 for the quarter and projects to $497,320 for the year.

????That compares with the $370,000 or so J.P. Morgan bankers pulled down last year. That was not exactly peanuts, obviously, but it compared unfavorably to the $431,000 average at Goldman (GS) and the $514,000 at Deutsche Bank (DB), last year's king of the bonus pool. And needless to say it is absolutely imperative that the banks raise their pay so as to hold onto all their valuable talent.

????Of course, a big rise in compensation expense in the first quarter doesn't guarantee bankers will get big raises. Like its rivals, JPMorgan Chase says it aims to pay out between 35% and 40% of investment bank revenue out as compensation. This year's first quarter came in at the high end of that range, and last year's at the low end, so just multiplying the first-quarter pay accrual by four may produce a misleading result.

????There is also a seasonal factor to consider: Last year, first-quarter investment bank revenue was a full $2 billion higher than in any other period. If that repeats, average pay will likely end up closer to $400,000 than $500,000.

????And the pay surge at J.P. Morgan does come after a quarter in which it signed up AT&T (T) for a giant bridge loan enabling its acquisition of T-Mobile. J.P. Morgan ranked first in announced global merger and acquisition deals during the quarter and first in investment banking fees, according to Dealogic.

????Still, the quarter was hardly a knockout financially. Revenue at the investment bank actually fell 1% from a year ago, and profits slipped 4% from a year earlier. The bank's return on equity was an impressive-looking 24% -- impressive looking till you see last year's figure was 25%.

????So it goes. On Wall Street there is always pay. Performance, on the other hand, is strictly optional.