JP Morgan bankers to share $10 billlion bonus after profits leap

[somone]

http://www.guardian.co.uk/business/2011/jan/14/jp-morgan-bankers-share-10bn

JP Morgan bankers to share $10bn bonus pot after profits leap
Graeme Wearden

JP Morgan's investment bankers are to receive an average payout of $369,651 (£233,000) after the bank set aside almost $10bn to cover basic pay and bonuses. The figures were released after JPMorgan Chase kicked off the US banking reporting season by reporting a 47% jump in profits for the last quarter of 2010.

America's second-largest bank beat Wall Street forecasts, thanks to an improved performance from its retail banking and credit card operations. However, net profits at its investment banking arm fell during the quarter, partly because its bonus pot increased slightly.

JP Morgan said it had set aside $9.73bn (£6.2bn) as "compensation" for its investment bankers, up from $9.33bn in 2009. The average bonus fell slightly, though, to $369,651 from $379,986, as the number of employees rose to just over 26,300.

Chief executive Jamie Dimon said JP Morgan had set aside 35% of investment bank turnover for salary and bonuses, up from 33% of turnover a year ago. The company's investment banking arm increased revenues to $6.213bn during the last quarter, up from just under $5bn a year ago. But profits at the division fell to $1.501bn from $1.901bn which it blamed on "higher non-interest expense" – including "increased performance-based compensation", or bonuses...

[Broderick]

1. Shrug

Makes me ill.

[blindpig]

2. Enemies of the people. n/t

[closeupready]

3. "performance-based compensation" - ROFL

:rofl:

[Enrique]

4. how much is Bill Daley's share? n/t

[DCKit]

5. If we ever want accountability from these corporate persons, they need to be taxed... heavily.

Regulated to hell and back, as well.

When that happens, those profits and the banks imaginary assets will disappear right back up their accountants sleeves.

[kentuck]

6. We need to cut their taxes ....

...so they can help stimulate our economy. Is that the next request?

[Initech]

8. I vote we tax their bonuses the same way we tax lottery winnings.

[Initech]

7. The average bonus is $400k???????

Urge to kill rising!!!

[defendandprotect]

9. JPMorgan Chase's profit jumps 47 percent in 4Q

JPMorgan Chase's profit jumps 47 percent in 4Q
http://news.yahoo.com/s/ap/20110114/ap_on_bi_ge/us_earns_jpmorgan_chase

[grahamhgreen]

11. D&P

What a shame Obama didn't school these "masters of the universe" when he had the chance.

From the looks of it, the next bubble to burst will be the commodities bubble...?

[defendandprotect]

14. Presuming that Obama did what he believed in ... which leaves me with a lot of questions!!

graham --- have to admit I haven't had time to fully read either of these articles --

but "bubbles" certainly seem to be about pulling the rug out from under the public and

causing windfall profits for the elites.

Trying to catch up with reading -- and will trust you all will keep the info coming!

:)

[grahamhgreen]

10. Why shouldn't we tax these guys at 91% like Eisenhower did?

[defendandprotect]

15. It's an urgent move to prevent and pull down monopolies which harm democracy ....

and economi democracy.

[katnapped]

12. Nothing to see here, folks

Admin is A-OK with this, so no problem

:sarcasm:

[lonestarnot]

13. Gastric bypass.