Newspaper article The Evening Standard (London, England)

Record Payouts for JPMorgan Staff

Newspaper article The Evening Standard (London, England)

Record Payouts for JPMorgan Staff

Article excerpt

Byline: Gideon Spanier

JPMORGAN bankers today joined their peers at Goldman Sachs on course for record pay and bonuses this year, as the US bank unveiled strong secondquarter earnings.

While the average payout for investment bankers at JPMorgan will be lower than the [pounds sterling]500,000 at Goldman, at [pounds sterling]282,000 they will still enrage those calling for restraint.

Chief executive Jamie Dimon, regarded as the shrewdest Wall Street bank chief after avoiding the worst of the credit crunch, announced profits of $2.7 billion ([pounds sterling]1.6 billion), up 36% on the same period in 2008.

Revenues soared to a record $27.7 billion.

The investment banking division, which employs just under 25,800 staff, set aside $2.677 billion in compensation for the three months to 30 June -- about $103,000 per employee.

During the first half of 2009, average payout per employee was a total of $231,000, which means JPMorgan bankers could be on course for $462,000 ([pounds sterling]282,000) for the year. …

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