JP Morgan boosts its bankers' bonuses again
JP Morgan's London investment bankers are set to pocket an average of £233,000 each as the US bank thumbs its its nose at the industry's critics to increase the money it pays them despite falling profits.
This year 37 per cent of its revenues will go to pay staff salaries and bonuses, up from 33 per cent last year. The total pot is $9.7bn from $9.3bn. That was despite a fall in 2010 profits to $6.6bn from $6.9bn.
Critics of investment banks argue that the interests of top staff are put ahead even of shareholders. JP Morgan will add fuel to that particularly fire. David Hillman, a spokesman for the Robin Hood Tax campaign, said: "JP Morgan's outrageous bonuses are a slap in the face to ordinary people. To put this in perspective, £200,000 is enough to save nine teachers' jobs."
JP Morgan enjoyed a good 2010 with net income of $17.4bn on revenues of $104.8bn, nearly 50 per up on 2009.
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...