• JPMorgan posted first-quarter earnings on Friday.
• The banking giant posted strong growth in revenue and profits but also grew its reserves.
• CEO Jamie Dimon said the US economy faces "considerable turbulence" from tariffs and other factors.

Jamie Dimon reiterated his warning about a turbulent US economy in JPMorgan's first-quarter earnings report on Friday, as the banking giant reported earnings that beat Wall Street's expectations.

JPMorgan's net revenue rose 8% year-on-year to $45.3 billion, driving net income up 9% to $14.6 billion.

The bank bolstered its provision for credit losses — money set aside in anticipation of bad debts — by $973 million to $3.3 billion in the first three months of this year, citing a worse macroeconomic outlook.

JPMorgan reported earnings per share of $5.07, trouncing AlphaSense's consensus forecast of $4.65.

Shares rose 2.6% in premarket trading. The stock has fallen 5.4% this year.

"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and "trade wars," ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," Dimon commented in the earnings report, pulling from his letter to JPMorgan shareholders on Monday.

In his letter, Dimon cautioned the Trump administration's latest tariffs were likely to accelerate inflation and slow the US economy's growth. He also said he supported the US demanding that "unfair" trade and tax policies be rectified.

The billionaire banker later told Fox Business that a recession had become a "likely outcome."

• Trump's tariff pause was great for stocks, but for deals, it just kicks the can down the road.
• The pause threatens to extend Wall Street's hiring freezes and further lower bonuses.
• Bankers and PE execs share how they are spending their time as they wait for clarity.

Long hours, hiring freezes, and a souring bonus outlook. This is the life of the Wall Street dealmaker right now as M&A stalls amid continued uncertainty over Trump's tariffs.

On Wednesday, President Donald Trump announced a 90-day pause on most tariffs, with the exception of China, which is now facing tariffs of up to 125%. While the reversal lifted stocks, resulting in the biggest single-day gain for the S&P 500 since 2008, it isn't expected to do much for M&A, which was already on the fritz leading up to Wednesday's announcement. In fact, some are predicting Trump's pause could make things worse.

"We're going to have three more months of paralysis," said Alan Johnson, a finance industry compensation consultant. "Buyers and sellers are going to say, 'I'm going to wait,'" added the Johnson Associates founder.

It's not just investment bankers who are sitting on the sidelines. Private equity deal pipelines are also on hold as investors and target companies try to understand how current and future tariffs could affect business revenues and supply chains.

"If you're an investor, unless you have an amazing conviction that you're insulated from the tariffs, you're sitting on your hands and waiting," said the head of a sector at a major private equity fund.

As one investor at a midmarket private equity firm put it: The news of the 90-day pause was well-received, but nothing to celebrate. "We pop bottles when we have great exits that earn our investors tons of money, not for short-term noise."

Inside the lull

What do dealmakers do with their time when there are no deals? The people who spoke to BI said they and their teams aren't going home any earlier. In fact, some are traveling more to stay in touch with skittish clients even as they predict year-end bonus declines. Others are working longer hours to understand what the tariffs will do to their portfolios.

Eric Stetler, the head of mergers and acquisitions at the independent investment bank D.A. Davidson, told BI that far more of his time is being spent keeping clients updated.

During a time like this, Stetler said, "just staying in front of clients" is paramount. "People want to know what's happening."

Stetler said senior bankers tend to devote about "75% of their time" to existing client mandates and the rest to drumming up new business. "At times like this," he said, "that reverses, or close to reverses."'

"That's not to say that our new business development activity is pausing because we're still having a lot of conversations," he said. "We're still pitching new business. We're preparing businesses for sale, and looking at processes with our clients."

The PE sector head said private equity deal teams are spending more time with their portfolio companies or updating their models with the latest tariff numbers.

"The announced tariffs were more severe than what was expected, so we've been having to update Plan B, Plan C, and Plan D to make sure we can mitigate the effects," the executive said before Trump announced the 90-day pause.

Hiring and bonuses

Hiring is largely frozen, according to a banker and Wall Street recruiter. "What I'm hearing is that it's kind of like, 'Maybe this is not a good week to push something through. Can we give it a week or two?'," the headhunter said.

Though the firms this recruiter communicates with had yet to invoke full-on hiring freezes — which are rigid postures that tend to presage layoffs — the word "freeze" had been mentioned in some conversations.

"If things don't get better," the recruiter added, "there will be layoffs."

Bonus expectations have also hit the skids as the prospect of closing a deal gets pushed further into the future. As Stetler explained: "It takes roughly four to six months to run the sale process" on a live deal. Even if a buyer decided to pull the trigger on a purchase today, "you are looking at a late Q3, probably, at best," for when such a merger might close.

Trump's tariff pause threatens to further dampen bonuses by pushing the timeline out even more — potentially to 2026, said Johnson, the compensation consultant.

"Would you do a deal now if you're a buyer? In 90 days, maybe he changes his mind again, or 90 days becomes 30 days, or 90 days is tomorrow, or 90 days is 180 days," Johnson said, referring to President Trump. "Maybe things will be a lot better in three months, the sun will start shining. But now we're in what, July? And then by the time the lawyers get involved and you sign an agreement, it's 2026."

Get in touch with these reporters. Reed Alexander covers Wall Street banks; he can be reached via email at ralexander@businessinsider.com, or SMS/the encrypted app Signal at (561) 247-5758. Alex Nicoll can be reached via email at anicoll@businessinsider.com, or Signal at @alexnicoll.01

• Rep. Alexandria Ocasio-Cortez introduced a bill that would cap credit card interest rates at 10%.
• The average annual percentage rate on credit balances has jumped to 21% in 2024 from 12% in 2003.
• More people are falling behind on monthly payments, showing signs of consumer stress.

Americans' credit card debt is at an all-time high. Soaring interest rates on credit cards coupled with other economic factors could make the situation worse.

In March, Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna introduced a bipartisan House bill that aims to cap annual credit card interest rates at 10% a year.

"Credit cards with high interest rates regularly trap working people in endless cycles of debt," Ocasio-Cortez said in a press statement. "At a time when families are struggling to make ends meet, we cannot allow big banks to shake down our communities for profit."

The average annual percentage rate on credit balances has nearly doubled in the past decade to 21% in 2024 from 12% in 2003, per the Consumer Financial Protection Bureau. Credit card interest rates can fluctuate with an individual's credit score, but they are ultimately determined by market conditions.

As credit card interest rates have risen, so has the amount of consumer debt, as well as delinquencies on payments.

The total amount of credit card debt has ballooned to $1.2 trillion in Q4 of 2024 up from $720 billion in the same quarter of 2004, per the Federal Reserve Bank of New York. More people are falling behind on their monthly payments and the number of active credit card users only making the minimum payment on their monthly credit card statement has reached a record high, "showing signs of consumer stress," per the Federal Reserve Bank of Philadelphia's 2024 Q3 report.

President Donald Trump ran on campaign promises last year that he would temporarily cap credit card interest rates at 10%, to allow Americans to "catch up" on their balances, but he hasn't taken executive action or spoken about interest rate caps since entering office.

The bill is now referred to the House Committee on Financial Services, but has yet to be put on the calendar for a vote in the House of Representatives.

Ocasio-Cortez and Luna did not respond to requests for comment.

Do you have a story to share about being delinquent on a student loan or credit card payment? Contact this reporter via email at jdeng@businessinsider.com.

• Robinhood plans to launch online banking, which it says will include perks like home cash deliveries.
• The service will offer a 4% annual interest rate, Robinhood said in its announcement.
• Robinhood is also launching a wealth management platform and AI investment tools.

Robinhood said on Wednesday that it is launching an online banking platform for its premium members in the fall, which will include home cash deliveries.

In an announcement, the California-headquartered financial technology company outlined a number of incentives that will be offered to Robinhood Banking users, including cash delivery.

"Your cash is delivered on-demand right to your doorstep," it said. "No need to search for an ATM."

The service offers a 4% annual interest rate and deposit insurance of up to $2.5 million via the FDIC. It will offer international transfers to over 100 currencies and whole-family accounts for partners and children.

"Robinhood Banking is thoughtfully designed to be as easy to use as possible, while still delivering cutting-edge features historically reserved for the ultra-wealthy," Deepak Rao, vice president and general manager of Robinhood Money, said.

"We're pushing the boundaries of what you should expect from your bank."

The fintech firm's gold membership costs $5 monthly or $50 annually and gives users access to Robinhood's premium features. Perks include IRA matches and the option of margin trading.

Gold members who opt for the banking services, which Washington-based Coastal Community Bank will provide, would also have access to perks including the chance to get tickets to events like the Met Gala, the Oscars, F1's Monaco Grand Prix, and Coachella.

Robinhood said customers would also have access to private plane travel, personal chauffeurs, luxury helicopter rides, and luxury hotel experiences.

It did not elaborate on how these perks would work for members.

Robinhood also said it would be launching a wealth management platform. Robinhood Strategies would allow investments into a mix of exchange-traded funds (ETFs) and individual stocks.

The management fee for those who use the service is 0.25% of the assets under management a year. Robinhood Gold member will pay management fees on $100,000 of assets in their accounts.

Robinhood said it would introduce an AI investment tool called Cortex for its premium subscribers.

"Over time, Robinhood Cortex will completely transform the Robinhood experience as we strive to bridge that gap and put a premium research assistant right in your pocket," Abhishek Fatehpuria, vice president of brokerage product, said.

• Wall Street bonuses reached a record $47.5 billion last year, according to a new report.
• The New York State Comptroller found individual bonuses were, on average, $244,700.
• But the resurgent year for industry comp might not be here to stay, the report warned.

Wall Street made it rain last year as a resurgent year for dealmaking gave financial services firms a much-needed boost.

Now, a report from the Office of the New York State Comptroller shows that those same rainmakers might not have much need for their umbrellas this year. Dealmaking has sputtered and stalled so far in 2025.

In 2024, Wall Street bonuses paid between December and March jumped 34%, to $47.5 billion, the highest total on record, and up from a total pool of $35.4 billion last year, according to the new report. The average bonus for employees in New York City's securities industry rose to $244,700, up 31.5% from the year before, the report — based on Comptroller Thomas DiNapoli's annual estimate — found.

For comparison, the bonus pool for New York City's securities industry in 2023 totaled $33.8 billion. It trailed previous highs like 2021's $42.7 billion, which capped off a year of frenzied dealmaking. The average individual bonus in 2023 was $176,500, down 2% from the previous year's $180,000.

This year's gains — which lifted Wall Street's profits by some 90%, the report noted — were driven by strong economic growth, which boosted trading, underwriting, and deal-making activity that swept the industry. The industry's elevated bonus year is set to generate an additional $600 million in state income tax revenue and $275 million more for the city itself compared with 2023's bonus comp, DiNapoli projects.

To compile his annual report, DiNapoli's office evaluates personal income tax withholding trends, as well as cash bonuses paid for work performed in 2024 or previous years that have just been redeemed. Employees outside of New York City are excluded from the assessment.

As Business Insider has previously reported, multiple large banks already communicated bonuses to staffers in January. BI also published the results of another report from the recruiting firm Prospect Rock Partners about investment bankers' 2024 bonuses, based on 900 survey participants' responses.

Smashing records, flashing red lights

The stronger bonus year smashed several records, including the highest year for incentive comp in Wall Street's history, the report said, and marked the bonus pool's "first major increase since the COVID-19 pandemic highs."

Individual banks reported heightened profits last year as the defibrillator of dealmaking helped get the industry's blood pumping once again. Goldman Sachs, for instance, reported total revenue of $53.5 billion last year, up from $46.3 billion the year prior, in its fourth-quarter earnings release in January. JPMorgan Chase, America's biggest bank by assets, said its net income last year was $58.5 billion, up from $49.6 billion the year before.

But, the comptroller noted, there are some warning signs that the reasons to celebrate may be fleeting.

"Increasing uncertainty in the economy amid significant federal policy changes may dampen the outlook for parts of the securities industry in 2025," DiNapoli warned.

In recent weeks, the industry's dreams of a sustained dealmaking rebound have been upended as the corporate sector metabolizes some of the convulsive policy shifts and tariff threats of President Donald Trump's administration. According to the London Stock Exchange Group's most recent investment banking scorecard, published earlier this month, US mergers and acquisitions activity amounted to nearly $271 billion since the start of the year — down 24% compared with the same period in 2024.

The comptroller's report included other findings — including a slight uptick in the total number of financial services sector jobs in New York City. The comptroller's office identified an increase in the total number of securities industry jobs based in New York City in 2024 of roughly 1.6% versus the year prior: 201,500 jobs in 2024, up from 198,400 in 2023.

As a result, securities headcount in New York has now surpassed "the previous peak seen in 2000," the report continued.

Reed Alexander is a correspondent at Business Insider. He can be reached via email at ralexander@businessinsider.com, or SMS/the encrypted app Signal at (561) 247-5758.

• TikTokers share budget tips to help families manage rising grocery costs and food insecurity.
• Many low-income Americans who don't qualify for SNAP rely on food banks for groceries.
• In 2023, 47 million Americans lived in a food-insecure household, an increase of 38% from 2021.

Every evening, Danielle Howard opens TikTok and records herself while she cooks: a $6 barbecue and broccoli dinner for three, or spaghetti with lentils from the food pantry.

She's amassed a quarter million followers on the platform since she began posting grocery and recipe videos a few years ago. The 32-year-old northern Indiana resident said she spends $200 a month at Aldi to feed her family of three. She supplements her grocery trips with a monthly box from the food bank because the income from her direct support professional job is about $100 too high to qualify for SNAP. But she said her paycheck isn't high enough to comfortably put food on the table, and her TikTok page doesn't bring in reliable money.

Howard is part of a growing cohort of Americans known as ALICE, which stands for asset-limited, income-constrained, employed. While people in this group work, their paycheck isn't enough to live on, and it's too much to qualify them for government benefits.

More and more Americans like Howard are falling into this gap in the social safety net and feeling squeezed by the economy: groceries are expensive, egg prices have seen their biggest monthly spike in a decade, and federal policy whiplash is making consumers hesitant to spend money. Parents, especially, have told Business Insider that it's challenging to afford food alongside other costly essentials, like childcare, housing, and transportation.

As families contend with steep supermarket bills, a rising number of TikTokers are sharing their grocery hauls online — they tell followers which products give the biggest bang for their buck, how to cook cheap meals, and how struggling families can use their local food banks.

Helping others navigate food insecurity through social media has given Howard a sense of purpose. That can mean helping them save a few bucks at the grocery store and also telling them when and how to take advantage of food banks.

"There's no reason that we should be judging anyone for just trying to meet that basic human need," she said. "You never know when you're going to end up in that situation yourself."

ALICE TikTokers teach families how to maximize their grocery budget

Food banks play a specific role in combating food insecurity for families like Howard's. Social safety programs like SNAP are typically restricted to households that live at or below the federal poverty line, which is $26,650 annually for a family of three. Although individual food banks can have different requirements, they are often the only source of assistance for low-income Americans who don't qualify for food stamps.

Howard isn't the only ALICE creator who has taken to social media to share budget-friendly tips and tricks. Tiffany Bly, 57, lives in North Texas with her 22-year-old daughter Caeleigh Hallman, Hallman's husband, and their baby. She previously told BI that she doesn't have any money left over after she pays her basic bills every month, and it can be stressful to afford enough for her family to eat. When she applied for SNAP benefits recently, Bly learned the income from her customer service job was $11 too high to qualify.

Visiting the local food bank has been a game changer: "It has saved us," she said. "Everything that we're surviving on we've gotten from our food pantry."

Now, Bly and Hallman share their grocery and food bank hauls on TikTok. The pair cook together, share their advice for affordable meals, and make sweets like vanilla cupcakes or homemade biscuits. Bly said she hopes that her platform is helpful to other low-income Americans: "It's OK to be scared about how your bills are gonna get paid," she said. "And it's OK to use the resources that are available to you so you don't have to go hungry."

She added that visiting local or church food pantries and making her own shampoo and cleaning supplies are the top ways Bly keeps her grocery bill under $150 a month.

That's a big feat in a time when groceries aren't cheap — and haven't been for a while. The consumer price index for food in US cities increased by about 28% between February 2020 and February 2025. About one in seven US households — or 47 million people — were food insecure in 2023, per the latest data available from Feeding America. The national food insecurity rate that year was up 38% over 2021.

You can support food banks by simply using them

TikTokers told BI that they share their food bank and grocery experiences so that other families feel less alone. Local food banks receive funding based on demand — so Howard said people should use the resources if they need them.

Both Howard and Bly said that food banks are their main source of canned goods, pasta sauce, frozen vegetables, snack foods, and other basics. They try to reserve grocery spending for items that are less available at pantries, like fresh produce and dairy, meat, or personal hygiene items.

Haylee Bachman, 30, lives outside Seattle and is a stay-at-home mom for her three young children. She said her partner's income isn't high enough to comfortably afford food for their household. When they need extra groceries, Bachman said their nearby food bank has been a relief. She's also enrolled in WIC, a government aid program for women with infants or young kids.

Bachman has been posting about her grocery and food bank hauls online since 2020. She has a series she calls "WIC Wednesdays," where she teaches followers how to best use the program, and she shares her advice for stretching budgets at stores like Fred Meyer and Dollar Tree.

"I don't want people to feel embarrassed about their own life or situation because they could lose jobs due to an injury, or they get laid off randomly, or just be struggling with the economy — whatever the case is," Bachman said, adding. "I've gotten lots of messages saying, 'thank you. I'm going to a food bank today because you made me feel like I can be safe."'

To be sure, food banks aren't a cure-all solution to food insecurity. Requirements for most food pantries vary by region — some check people's income, others only require an ID and ZIP code.

But Howard is optimistic about the trends she's seeing online. She's noticing that more people like her are being open about their grocery budgets in an effort to help others.

"I think that the more creators that start posting about it, the more it's going to normalize that," Howard said. "There are more families out there than you think that are using those resources, and it'll help destigmatize the shame behind it."

Do you have a story to share about your finances? Reach out to this reporter at allisonkelly@businessinsider.com.

• Danielle Howard, 32, uses food banks and a $200 monthly budget to feed her family of three.
• She said local food banks and shopping at Aldi have helped her save money.
• She shares tips on TikTok to normalize food bank use and fight stigmas about food insecurity.

This as-told-to essay is based on a conversation with Danielle Howard, 32, who lives with her partner and 13-year-old daughter in northern Indiana. Her family is one of many who rely on food banks for meals. It's been edited for length and clarity.

I make about $100 a month too much to qualify for food stamps. I'm just outside those guidelines, and that's why we started using the food pantry.

When my partner experienced a job loss last year, it greatly affected us financially. I'm a direct support professional — it's a low-paying job, but it's a very rewarding one. I make $16.64 an hour taking care of people with disabilities.

Living as a low-income family, one of the biggest things I did to save money was to shop at Aldi. They have very low-priced produce and basic pantry staples that you can get compared to other major grocery chains or mom and pop stores. I typically spend about $200 a month to feed my family of three, alongside visiting the food bank.

I post most of my grocery and food pantry hauls on TikTok. I want families to know that it's OK to use their resources. There's no shame in taking advantage of things you need, and food is a basic human right that everyone should have access to.

We get food from our pantry once a month. They give us some toiletries, meat, certain canned goods, and sometimes milk — but not all pantries have dairy. When I go grocery shopping, I buy the things that we did not get from the pantry, like spices, oils, vinegars, extra protein like beans and chicken, and other cooking essentials. My biggest tip for people visiting a food pantry is to call ahead to check their requirements, hours, and what they have in stock. Google is also going to be your best friend to find resources near you.

My videos had a good response when I first started filming a few years ago, and my platform has grown quicker than I expected. I understand that there are a lot of families that are in the same position as we are — or maybe even doing worse off — and I want to show people how to make a meal out of the items they can pick up at the pantry. I want to help others fight food insecurity.

The more that creators start posting their grocery and food pantry experiences, the more it's going to normalize it. Pantries are based around supply and demand. If a community pantry doesn't see enough demand, it will lose the funding it needs to stay open — so using these resources is a good thing. One of the biggest comments I've heard from my followers is that, through the help of pantries, they can better afford healthcare and other expenses because they don't have to spend so much income on groceries.

My local pantry doesn't have income requirements — they only check your ID and ZIP code — but some pantries do have income requirements. I would love to see those restrictions lightened in order for more people to be able to access and use those resources.

I wish more people knew that food insecurity can happen to anyone, at any time, at any point in their life. You should never judge someone for trying to eat because you never know if you're going to end up in that situation yourself.

Do you have a story to share about your finances? If so, reach out to this reporter at allisonkelly@businessinsider.com

• Recruiting firm Prospect Rock Partners surveyed over 900 bankers, from boutiques to bulge brackets.
• BI obtained some of the results, including how much bankers in varying groups and levels made.
• See which titles and coverage areas saw the biggest pay bumps in 2024 as dealmaking rebounded.

Psst! How much was your bonus?

On Wall Street, your end-of-year paycheck can often indicate your standing at work. Yet, knowing where your bonus pay ranks compared to peers is not so simple.

In an effort to shed some light on Wall Street pay trends, recruiting firm Prospect Rock Partners surveyed more than 900 investment bankers about their 2024 salaries and bonuses.

The survey was conducted between December 1, 2024 and February 28, 2025 using Prospect Rock's banking industry contacts. It's the third year Meridith Dennes, the firm's managing partner, has conducted it.

"It's always been so cryptic," Dennes told Business Insider about the Wall Street compensation structure. "The whole point of the survey is that compensation is much more nuanced than what people talk about."

Survey respondents included bankers from all ranks, from analysts up to vice presidents and managing directors, and across a multitude of coverage groups, and firms.

Prospect Rock Partners gave BI permission to publish select slides from its full survey. The results shared here suggest that so-called elite boutique banks (think Evercore, Lazard, and Centerview) saw total compensation increases of between 11% to 68% across all roles. Total pay for associates at elite boutiques rose an average of 31% for first-year associates and 33% for second-year associates. Managing director compensation at elite boutiques jumped from about $1 million in 2023 to over $1.7 million in 2024, an increase of 68%.

These bonus insights come as Wall Street waits with bated breath to see whether the M&A rebound many industry experts predicted for 2025 will fully materialize or fizzle out.

"There's so much uncertainty — geopolitical risk, the impact on the private sector of DOGE cuts, tariffs, and the interest rate environment — which can cause a lot of turmoil in the market," Dennes said.

The investment banking hiring surge that started at the end of 2024 continues, however, Dennes said.

"I, as a recruiter, am seeing an increase in job requisitions coming in, but it's much harder to find talent than what people want," she said. "More companies who haven't used recruiters in the last two years are coming out of the woodwork now."

2024 compensation overview

This portion of the survey gives the average 2024 compensation for survey respondents at all investment banking levels.

The most junior employees — first-year analysts — averaged a base pay of more than $110,000. The data also suggests that most analysts earned a bonus that equaled about 50% of their base pay in 2024.

Higher-level bankers —  vice presidents and up — generally earned bonuses equal to or higher than their base pay. The biggest gains went to group heads, who are usually managing directors and partners. They saw average bonuses of more than $1.7 million.

What bulge-brackets are paying associates

Bulge-bracket firms are the largest banks, which tend to handle the biggest deals and, therefore, have the largest investment banking teams. These firms tend to include Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup.

Associates are the second-most junior rank at an investment bank after analysts. This chart shows that associate-level survey respondents who work at bulge brackets earned between $176,000 and $221,000 in base pay for 2024. They reported higher bonuses in 2024 over 2023.

What middle-market banks are paying associates

Middle-market bankers tend to focus on smaller clients, often those with annual revenue of under $1 billion. This cohort included banks like William Blair, Piper Sandler, Oppenheimer, and Baird, Dennes said.

The average 2024 base pay for associate bankers at these firms was lower than at bulge brackets — but not by very much. The average 2024 bonus for each position was even more for this cohort than for survey respondents who work at bulge brackets.

What 'elite boutiques' are paying associates

Associate-level bankers who work at "elite boutiques" take the cake for the highest average 2024 base pay and bonus, reporting higher numbers than their peers at bulge brackets and middle-market firms.

Elite boutiques are considered the top-tier boutique banks that can compete with the big firms. In 2024, Evercore, Centerview, and Lazard, for example, snagged top 10 positions on the league tables for both global and US M&A advice, according to M&A tracker LSEG.

Survey respondents from this group work at firms like Evercore, Centerview, Lazard, PJT Partners, and Moelis.

More details on 'elite boutique' pay

These banks tend to focus solely on investment banking versus larger firms, which may have consumer banking and asset management services. Some boutiques also focus on deals within a specific sector, like media, telecom, or healthcare.

That means they often have stronger execution abilities, said Dennes, and therefore higher fee income per banker on their leaner teams.

"One of the most significant findings is the clear correlation between increased compensation in 2024 and recovering deal volumes," she wrote in an overview section of the survey's findings. "This recovery appears most pronounced at elite boutiques, where compensation is directly tied to deal performance and revenue generation."

Pay by industry group in 2023 & 2024

Second-year associates, whose 2024 comp is described in this section of the survey results, are bankers who have been in the field for anywhere from two to five years, depending on whether they started in investment banking as an analyst or were hired out of an MBA program.

The largest group of respondents in this group described themselves as as M&A generalists. The survey says this cohort averaged $187,000 in base pay and about $134,000 in bonus last year.

Others well-paid associates in this group worked in business services, restructuring, and DCM.

Some overall comp is down from years ago

The report shows how average comp has changed since 2022. In some cases, it wasn't for the better, like for vice presidents and managing directors.

For context, global dealmaking hit more than $3.16 trillion in 2024, which is up 10% over 2023, but still lower than 2022 volumes of $3.45 trillion, according to deals tracker LSEG.

• I love popular cities, but there are gems on the East Coast I like to visit to avoid big crowds.
• Ocracoke is more secluded but as beachy as more popular towns in Outer Banks, North Carolina.
• Instead of Miami, try exploring more laid-back beach towns in South Walton, Florida.

As a DC-area native who's been traveling up and down the coast all my life, I've experienced all the big hitters.

I've spent hours in line waiting to grab a beer in Asheville and get ice cream in Nags Head. I've pushed my way through Times Square and crowded Miami bars.

I still appreciate the allure of these ultra-popular cities and towns, but I'm over the chaos and crowds that come with them.

Luckily, I've found plenty of lesser-known-yet-equally-worthwhile spots dotting the East Coast that I think offer similar vibes as big-name places but with far fewer tourists.

Ditch the DC crowds for a Virginia town brimming with historic charm.

Washington, DC, is one of my favorite cities on the planet. However, with its many historic sites, museums, and events, it can be packed with visitors no matter what time of year you visit.

For a more peaceful destination with less traffic that also has a rich heritage and spectacular food, head an hour away to Middleburg in Virginia's wine country.

You'll find quiet, tree-lined streets lined with charming shops, galleries, and classy restaurants. At the circa-1728 Red Fox Inn & Tavern, you can eat and sleep where former presidents like John F. Kennedy once were.

I love strolling past historic buildings and visiting spots steeped in American Civil War history, like Mt. Defiance Historic Park.

When it's time for a bite, I suggest visiting King Street Oyster Bar for fresh seafood and The Bistro at Goodstone Inn for farm-to-table dining.

Swap Asheville's breweries and outdoor adventures for the ones you'll find a few hours north.

Asheville has gained well-deserved recognition over the last decade for its breweries, artsy vibes, and stunning scenery. It's absolutely worth visiting.

However, if you want the same Blue Ridge charm with more breathing room, I'd recommend heading to Roanoke, Virginia.

This gem has a thriving arts district, an emerging craft-beer scene, and its own showstopping mountain landscapes. You can peruse the exhibits at the Taubman Museum of Art, shop for funky antiques in Grandin Village, and grab brews at Big Lick Brewing.

Whether you're driving the Blue Ridge Parkway or hiking McAfee Knob, you'll find panoramic views similar to the ones people love in Asheville.

Instead of Nags Head, plan your Outer Banks getaway on a lesser-known island.

I've spent vacations on the Outer Banks for as long as I can remember, and I never grow tired of the pristine coastline and laid-back villages

Although I love the region's popular and family-friendly Nags Head, it can get especially crowded in the summer. If you're looking for a nearby spot that's more secluded, Ocracoke is not to be missed.

Ocracoke is primarily accessible by ferry, so it pairs the same coastal beauty with an off-the-grid vibe. Its beaches feel unspoiled and its seafood joints are rarely overcrowded.

It's great for beach bums, history buffs, and nature lovers alike.

I've biked coastal wooded paths, seen remnants of wrecked pirate ships, and learned about Blackbeard's ties to the island at the Ocracoke Preservation Society Museum. I've also eaten my weight in raw oysters at Ocracoke Oyster Co., but that's another story.

Trade the beaches of Miami for a range of options in South Walton, Florida.

I've spent plenty of time in glitzy Miami. If you love its white-sand beaches and vibrant nightlife, but can't stand the gridlocked traffic, consider trying a trip to South Walton.

Tucked along the legendary Highway 30A, South Walton is home to several beach communities that each bring their own flair to the table.

In Seaside, you'll find pastel-colored cottages (made famous by "The Truman Show"), along with outdoor concerts, epic sunsets, and beachfront movie nights.

Alys Beach has white-washed Mediterranean buildings and trendy bars. Grayton Beach pairs its "Old Florida" aesthetic with upscale shops and art galleries.

It may not be Miami — nothing can be — but South Walton has many of the elements that attract tourists there with a more relaxed pace.

Skip Manhattan madness for art and farm-to-table dining in Hudson.

New York City is world-famous for its art, culture, and food (it has more Michelin-starred restaurants than any other US city).

However, if you're ready to escape the crowds and traffic that come with all that, try Hudson. It has NYC coolness but with more fresh air and fewer people.

You get stellar farm-to-table restaurants (like feast & floret and Lil' Deb's Oasis), Brooklyn-esque art galleries, and high-end boutiques with one-of-a-kind designs. If you want to see a live performance, choose between options at the Hudson Opera House and Basilica Hudson.

If you love lounging in Central Park, spend some time at Promenade Hill Park or Greenport Conservation Area for views of the Catskill Mountains and Hudson River.

• Egg prices are soaring, straining many food banks' ability to meet demand for low-income families.
• The recent spread of avian influenza has diminished egg availability.
• Many food banks have pivoted to cheaper proteins, like canned meat and peanut butter.

Krystal Kabela has received frequent phone calls at the eastern Iowa food bank she manages: people are searching for eggs.

"People know that the eggs come on Friday, so that makes Friday afternoons and Saturdays really busy days," she told Business Insider.

The price of eggs is soaring, frustrating shoppers and stretching budgets for small businesses that rely on them. As eggs see their biggest monthly price spike in a decade, some safety net organizations — like CommUnity Crisis Services, where Kabela works — are struggling to keep their shelves stocked. This comes as millions of low-income Americans rely on food banks as a free supplement to traditional grocery stores.

Kabela said her organization serves about 1,000 households per week in-house, and at least another 100 households through its mobile pantry service. The number of egg donations has dwindled in the past couple of years, she said. Now, the 450 dozen eggs it can stock each week barely last a few days.

"Everybody wants them," she said.

Some food banks have stopped buying eggs as prices spike

Eggs are one of the most accessible and affordable forms of protein, especially for low-income Americans. However, the recent spread of avian influenza has diminished egg availability. A high demand for eggs, especially for seasonal baking, also means prices are unlikely to go down anytime soon.

US egg prices rose by 15.2% from December to January, the biggest month-over-month increase since June 2015, per the Bureau of Labor Statistics. The average price of a dozen Grade A large eggs hit an all-time high last month, at $4.95 a dozen. And, egg prices contributed to overall inflation rising to 3% year over year in January — contributing to steeper grocery bills for shoppers.

This is having a major impact on food banks, which about 50 million Americans relied on in 2023 for at least some of their meals, per the nonprofit food bank network Feeding America.

The food banks that BI spoke with said that they stock their shelves with a combination of food they purchase via grants or financial donations and items directly given by community members or suppliers. Eggs are rarely donated and almost always need to be purchased, the organizations said.

City Harvest, which provides food to New York City soup kitchens and food banks, told BI that it recently paused all egg purchasing due to rising costs. Director of Procurement and Inventory Controls Max Hoffman said that City Harvest has pivoted to stocking less costly protein sources like peanut butter and ground beef.

Similarly, Kate MacDonald — the director of communications at Rhode Island Community Food Bank — told BI in a statement that her organization hasn't been able to purchase eggs since December. The food bank is a central distribution hub for a network of 147 smaller pantries and meal sites across the state, she said.

In June 2024, MacDonald said a case of several dozen eggs was $16.50 for the food bank to purchase. In October, it was up to $48. And, in December, she said the cost per case had spiked to $61.50.

"We will likely not have eggs on the shopping list for our agencies until the cost goes down some," MacDonald said.

Although Kabela said her Iowa food bank still stocks eggs every week, it is becoming more difficult to meet demand. She said the farm that the bank relied on to provide eggs has largely stopped donating because the bird flu is shrinking its supply.

Kabela added that a lack of eggs is especially challenging for food bank patrons because they are so versatile. Protein is vital for muscle and brain function. While a single egg has six grams of protein — compared to about 30 grams for four ounces of chicken — they are among the only protein sources that double as a healthy meat alternative and baking ingredient.

"We always have shelf-stable protein, whether it be canned tuna or chicken or salmon or peanut butter," she said. "But I don't know that anything really takes the place of eggs."

Food insecurity is on the rise

The egg affordability problem sweeping America underscores an ongoing issue for food banks: grocery costs are rising, and national hunger levels aren't getting better.

About one in seven US households — or 47 million people — lived in a food insecure household in 2023, the latest data available, Feeding America found. The national food insecurity rate that year was up 38% over 2021.

Food banks also play a specific role in combating food insecurity. Social safety programs like SNAP are typically restricted to households that live at or below the federal poverty line, which is $32,150 annually for a family of four. Local food banks and pantries are often the only source of food assistance for low-income Americans who don't qualify for SNAP.

Not every food bank is experiencing the same impact of rising food prices. The Food Bank of Western Massachusetts told BI that it has not yet experienced an interruption in stock or a price increase from its egg supplier.

Still, Kabela said she continues to see a significant — and growing — reliance on food banks in her community. Rising costs, like the price of eggs, make it harder for organizations like hers to meet demand.

"There are so many people in need," she said.

Are you open to sharing how your grocery budget with us? If so, reach out to allisonkelly@businessinsider.com.

• HSBC's new CEO Georges Elhedery aims to save $300 million in 2025.
• The bank also plans to reduce its cost base by $1.5 billion by the end of next year.
• HSBC stock dipped on Wednesday after hitting a 20-year high on Tuesday.

HSBC unveiled further details of its cost-cutting plans alongside its annual results on Wednesday.

The bank said it aimed to save $300 million this year and reduce its cost base by $1.5 billion by the end of 2026.

The plans would result in severance and other up-front costs of $1.8 billion over the next two years.

HSBC stock hit a 20-year high in London on Tuesday, up 40% over the past 12 months and 14% this year. Shares dipped 0.8% to £8.91 on Wednesday, valuing the bank at about £160 billion ($201 billion.)

"Plans to trim personnel expense by 8% over 2025 and 2026 are positive but I don't see a lot of new eye-catching overhaul or cost cutting measures in the release," said Michael Makdad, senior equity analyst at Morningstar.

"That's not necessarily a bad thing — increasing efficiency at a bank like HSBC is a matter of many small and midsize details that have to be well coordinated."

HSBC reported annual pre-tax profits of $32.3 billion, up $2 billion on 2023 but short of estimates by LSEG analysts of $32.63 billion. Revenues were $65.85 billion, surpassing forecasts of $66.52 billion.

The results are the first under former CFO Georges Elhedery, who took over as CEO in September from Noel Quinn.

Elhedery's cost-cutting plans include simplifying HSBC's structure. Its Asia-Pacific and the Middle East will form the "eastern markets" division, while its UK, European, and Americas business will be known as the "western markets."

He also unveiled a new international wealth and premier banking unit and will reduce its investment banker headcount.

"We are creating a simple, more agile, focused bank built on our core strengths," Elhedery said in a statement. "We continue to take deliberate and decisive steps."

HSBC said it would launch a share buyback worth up to $2 billion.

Richard Hunter at Interactive Investors said: "Changing horses midstream is never an easy task, and the previously announced transformation will have upfront costs which will delay the benefits of the anticipated savings.

"On the other hand, the rationale for a more focused operation is clear and should allow the group to reap the rewards of a higher focus on profit generation, while also keeping costs in check."

UBS analysts said in a note: "With the restructuring headlines in line with pre-results press we think the key question for investors given the strength in the share year-to-date and relative complexity of the group is whether HSBC offers premium long-term growth at an attractive price."

• Warren Buffett's Berkshire Hathaway cut its Bank of America stake and other bets last quarter.
• The investor's company exited two S&P 500 funds and only added one new stock, Constellation Brands.
• Buffett's conglomerate sold a net $127 billion of stocks in the first nine months of last year.

Warren Buffett and his deputies pared bets, exited wagers, and added only one new stock to their portfolio in the quarter ending December 31, signaling they once again struggled to find bargains in a buoyant market.

The famed investor's Berkshire Hathaway slashed its Bank of America stake to 680 million shares by December's close, down from more than 1 billion six months earlier, a regulatory filing revealed Friday.

As a result, Berkshire's ownership percentage dropped from over 13% to below 9%, and the value of what had long been its second-largest holding after Apple tumbled from about $41 billion to under $30 billion.

Buffett and his two investment managers, Todd Combs and Ted Weschler, cut other banking stocks too. They sold 74% of their Citigroup stake, 18% of their Capital One holding, and 54% of their Nu Holdings position. In addition, they trimmed names such as Charter Communications, Louisiana-Pacific, and T-Mobile US.

The Berkshire trio exited Ulta Beauty despite only establishing the position in the second quarter of last year. They also dumped SPDR S&P 500 ETF Trust and Vanguard S&P 500 ETF, two exchange-traded funds that track the benchmark US stock index, after buying into them a few years earlier.

On the other hand, Buffett and Co. established a $1.2 billion stake in Constellation Brands, the maker of Corona and Modelo beer, and other alcoholic drinks.

They also ramped up their Domino's Pizza wager by 86% and their Pool Corp. stake by 48% after opening both positions in the preceding quarter. Moreover, they topped up holdings such as Occidental Petroleum, Verisign, and SiriusXM.

Despite the slew of cuts, the total value of Berkshire's US stock portfolio inched up to $267 billion as several positions gained value. The company is set to provide more insights for investors later this month when it publishes its annual report along with Buffett's signature shareholder letter.

James Shanahan, a senior equity research analyst at Edward Jones, estimated in a note that "stock sales exceeded stock purchases for the ninth consecutive quarter, by more than $6 billion."

Cash pile

In the first nine months of 2024, Berkshire sold $133 billion of stocks while buying less than $6 billion worth. It also spent less than $3 billion on share buybacks in the period, compared to nearly $70 billion over the previous four years.

The combination of stock sales and fewer repurchases helped to nearly double the size of Berkshire's cash pile from $168 billion to north of $300 billion for the first time.

Buffett is known for plowing billions of dollars into public companies such as Apple, and acquiring massive businesses such as Pilot Travel Centers.

He's repeatedly said that high company valuations have made it harder to find compelling deals, and he's grown more comfortable keeping large amounts of cash out of the stock market. Higher interest rates have also made holding Treasurys more lucrative for Berkshire.

Berkshire's Class B stock closed Friday at just under $480, up about 6% this year and almost 18% over the past 12 months.

• Citigroup has announced changes in its technology and services divisions.
• CEO Jane Fraser is on a mission to simplify the bank's structure and focus on profitable business lines.
• Two key executives are leaving the bank amid the reshuffles.

Sprawling Citigroup is no stranger to reorganizations since its CEO Jane Fraser took the helm of the global bank in 2021.

Now, the firm has announced changes internally to two divisions key to its transformation: one in the technology unit that underpins the massive bank and another in its services business. The latter helps clients manage and move money globally and is what Fraser has labeled the bank's "crown jewel."

Fraser inherited a bank saddled with regulatory problems and outdated technology that lagged behind its other household-name peers. She has since divested in businesses, announced layoffs of several thousands of roles, and brought in several top executives to help revitalize areas like tech, wealth, and investment banking.

"You can see the very tangible progress we're making in executing the strategy that we laid out at our Investor Day three years ago," Fraser said in a call to analysts last week. "We have materially simplified our firm since then."

Citi's Tim Ryan, head of technology, and Shahmir Khaliq, head of services, sent memos to employees Monday announcing the changes that were seen by Business Insider. Here are the changes each executive laid out and why.

Technology reshuffle

Ryan is rethinking his leadership team to help the bank keep up with the rapid pace of technological changes and "position Citi as a top destination for engineering talent," he said in a memo to the bank's technology and business enablement employees on Monday.

The leadership shakeup will also result in moves across teams to better align with the firm's mission, which Ryan said will be communicated shortly.

"I know that the organization has been through a lot over the last 18 months," Ryan said. "I need you to know that I am making these changes to help secure Citi's future and in doing so, create opportunities. This is the big picture that I ask that we keep at the forefront of our minds."

Ryan said he had taken stock of the tech team's weaknesses and strengths since joining from the top US job at accounting firm PwC last June.

The leadership changes also come after news last Thursday that Shadman Zafar, the bank's co-chief information officer, would be departing the bank, which was earlier reported by Barron's.

Jonathan Lofthouse is now the sole chief information officer, according to the memo. His team will be responsible for all business technology and be "relentlessly focused" on accelerating the modernization and simplification of the bank's technology stack.

Other changes to the lineup include:

• Al Tarasiuk, chief information security officer, will become the head of foundational services taking on oversight of technology infrastructure in addition to security.
• Julien Courbe is joining Citi from PwC as head of functions and enterprise change. His team will be responsible for functions, risk, and finance technology.
• David Griffiths has been named chief technology officer, head of emerging technology and strategic partnerships. He will work across the organization to deliver and integrate the firm's tech tools. "He will leverage the unparalleled access we have to the world's best technology to ensure Citi is first to the future," said Ryan. Griffiths was previously head of engineering and architecture,
• Ann Barron-DiCamillo will take on a newly created role as head of technology optimization and risk reduction. She will focus on "optimizing" Citi's software to make it consistent and simplified across the business. She was previously the global head of cyber operations.

Services shuffle

Last summer, Citi dedicated an entire investor day to talk about one of its oldest businesses: Citi Services.

The business is being reorganized and a 35-year Citi veteran and a key leader within the unit is leaving. Citi Services, one of the bank's 5 main business lines, is core to Fraser's turnaround strategy as it is seen as a unique business that can be tapped for further revenue growth.

Okan Pekin, global head of securities services, has decided to leave the bank and pursue new opportunities, according to a memo to employees from Khaliq. Okan will stay at Citi through the end of March as a member of the services management team.

His unit, which works with investment managers and companies issuing debt and equity securities, will now become two business lines—Issuer Services and Investor Service. Investor Services will include custody, fund services, and execution services, Khaliq said in a separate memo. The firm is searching for a new head of investor services.

Pekin has led Citi's services for asset managers since 2013. Under his leadership, he restructured the business, won several client mandates, and built out Citi's ETF business.

He joined the firm in 1989. During his time at Citi, he also led sales in Citi's markets division for Europe, the Middle East, and Africa and helped Citi become a leader in the foreign exchange business.

Citi Services' business lines also include payments, liquidity management services, and trade and working capital solutions.

Artie Ambrose, Citi's current treasury and trade solutions head of operations, will take on an expanded role as Services head of operations.

Khaliq said the division's structure "will continue to evolve" and the bank would share more once it appoints a replacement for Pekin.

"I'm confident that these changes will drive continued momentum for us as a business and will also unlock greater mobility opportunities for our talent across our various businesses," he said.