Friday, October 15, 2010

JP Morgan stashes �4.2bn for bonuses | Business | The Guardian

JP Morgan stashes �4.2bn for bonuses | Business | The Guardian: "JP Morgan, the US banking group, set the tone for Wall Street when it began the reporting season by putting aside another $6.7bn (�4.2bn) in pay and bonuses for its 237,000 staff worldwide in the third quarter of the year.

Its pay bill for its 237,000 employees so far this year is now $21.5bn. The investment banking division accounted for $2bn of the extra funds put aside, giving the division a pay and bonuses pool three-quarters of the way through the year of $7.8bn.

The bank, which employs 13,000 in the UK, largely in investment banking, demonstrated that pay was still rising faster than revenues. The investment banking arm suffered a 14% fall in revenues in the first nine months of the year while the pay and bonus pool fell by just 10%."

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