JPMorgan reveals 2013 bonus pool

Businessman In Pool

We're off to the races now.

Bloomberg News reports that JPMorgan Chase’s corporate and investment bank allocated 4.2% less for employee compensation last year as the division’s revenue was little changed.

The unit’s $10.8bn in compensation fell to 30% of revenue, excluding accounting adjustments, from 32% in 2012, according to figures posted today on the New York-based firm’s website.

The amount equals $207,368 for each of the division’s 52,250 employees. The unit employed 52,022 people a year earlier.

Reuters reports that JPMorgan Chase reported a better-than-expected adjusted quarterly profit as the biggest U.S. bank kept a lid on costs and set aside less money to cover bad loans.

The bank, which agreed last week to pay $2.6bn to settle government and private claims over its handling of accounts of fraudster Bernie Madoff, said fourth-quarter net income fell 7.3% to $5.28bn.

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image: © Kevin N. Murphy

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