JP Morgan staff bill up to £18.9bn

 

US bank JP Morgan Chase today revealed a higher bill for staff pay and bonuses in 2011 of 29 billion US dollars (£18.9 billion) despite a turbulent finish to the year.

The total pay packet - which based on its headcount of 260,157 equates to an average of 111,471 US dollars (£72,700) for each of its staff - is a 3% increase on last year.

But total pay and bonuses in the final quarter of the year fell 9% to 6.3 billion US dollars (£4.1 billion) at the bank - which employs around 11,000 staff in London - as market turmoil, triggered by the eurozone debt crisis, hit its investment arm.

America's biggest bank, the first to report in the Wall Street bank earnings season, reported a 9% rise in annual profits to 19 billion US dollars (£12.4 billion), despite a 23% plunge in fourth quarter earnings to 3.7 billion US dollars (£2.4 billion).

JP Morgan's stock fell 4% after the results were published.

Elsewhere, JP Morgan set aside 528 million US dollars (£344.4 million) for additional litigation costs in the quarter to fight lawsuits related to poorly written mortgages during the real estate boom.

With 50 million customers, JP Morgan's results provide insight on how the US economy is performing.

The earnings report revealed that more US households paid their credit card bills on time, leading to lower losses for the bank. It was able to book a profit of 730 million US dollars (£476.2 million) by reducing the reserves it had set aside for credit card defaults.

Corporate customers took on more loans, up 12% to 110 billion (£71.8 billion), which suggests business owners are feeling more confident that demand for their products is picking up.

PA

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Marketing Manager - B2B, Corporate - City, London

£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...

Neil Pavier: Commercial Analyst

£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...

Loren Hughes: Financial Accountant

£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...

Sheridan Maine: Finance Analyst

Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...

Day In a Page

Machine Gun America: The amusement park where teenagers go to shoot a huge range of automatic weapons

Machine Gun America

The amusement park where teenagers go to shoot a huge range of automatic weapons
The ethics of pet food: Why are we are so selective in how we show animals our love?

The ethics of pet food

Why are we are so selective in how we show animals our love?
11 best bedside tables

11 best bedside tables

It could be the first thing you see in the morning, so make it work for you. We find night stands, tables and cabinets to wake up to
No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell