What happened to the bonus pot ?
JPMorgan’s corporate and investment bank set aside 3.6% less to pay employees last year as revenue shrank.
Bloomberg News reports that the division had $10.4bn in compensation expenses in 2014, enough to pay its 51,129 employees an average of $204,365 apiece, according to figures posted today on the firm’s website. The bonus pool amounted to $207,368 per person a year ago. Revenue at the business fell 0.4% to $34.6bn.
Bloomberg also report that JPMorgan Chase said Wednesday that fourth-quarter profit fell 6.6% as fixed-income trading revenue dropped 23% and legal costs were about twice as high as some analysts estimated. Net income declined to $4.93 billion from $5.28 billion a year earlier.
Chief Financial Officer Marianne Lake said there’s no reason to undertake 'major surgery' on the company, which benefits from its size.