'We pay them if they produce'.
Bloomberg News reports that JMP Group, the investment bank co-founded by Joseph Jolson, plans to double its market share in stock offerings after last year’s record revenue, partly by promising bankers they won’t have to wait as much to get paid.
Net revenue rose 48% to $149.2m in 2013 as San Francisco-based JMP raised more money for companies in initial public offerings and other stock sales
As larger banks defer more pay, Jolson said his firm plans to lure bankers with comparatively larger immediate payments based on the revenue they generate.
'We’re growing our research and investment-banking footprint', Jolson, 55, JMP’s chairman and chief executive officer, said in a telephone interview. 'We don’t cap our producers and we pay them if they produce'.
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