How much are you going to get paid in a technology job with JPMorgan in New York? Until now, the answer has been fairly vague - banks don't release specific pay figures and although websites Glassdoor amass averages, the numbers there can be out of date and the job titles they correspond to are not always clear.
What, then, if there were a whole list of actual and validated salaries paid to technologists working for JPMorgan that were publicly available? It turns out there is: it's the new transparent H1B Visa Salary database. Every time a company makes a hire on an H1B Visa, both the salary that's awarded and the job title that's associated with it are logged.
H1B visas are awarded to overseas workers in the U.S. engaged in 'specialty occupations.' Companies sponsor employees to achieve the visas, which are subject to a cap of 65,000 per year for 'regular' applicants, plus another 20,000 for applicants who hold advanced degrees.
It turns out that JPMorgan is a big hirer of employees with H1B visas, particularly into its technology function. Since July alone, the bank has hired 154 people with the visas, including around 40 in Texas, around 23 in New Jersey, around 30 in Delaware and nearly 30 in New York.
The chart below tracks how much a representative sample of JPMorgan's New York engineering and quantiative hires - mostly since July 2019 - are being paid in salaries. Most of the bank's H1B visa hires have been at associate and vice president (VP) level, although there have been a handful of executive directors (ED) too.
JPMorgan didn't respond to a request to comment for this article. Of course, H1B visa holders might be paid differently to everyone else, but there are some clear conclusions from the data. Associates in technology in JPMorgan's New York office are typically on salaries of around $120k; VPs are typically on around $160k. Quants and data scientists are paid more. If you're a top programmer who comes in as an ED, you may be rewarded very well.
Photo by Fabien Bazanegue on Unsplash
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