|
|
Article: JPMorgan sets $8.79b aside for pay
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- October 15, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
|
NEW YORK - JPMorgan Chase & Co., the second-largest US bank,
set aside $8.79 billion for compensation and benefits for its
investment-bank employees in the first nine months of 2009, enough
to pay $353,834 to each.
The compensation reserve totaled 38 percent of revenue in the
first three quarters, compared with 52 percent in the same period of
2008, New York-based JPMorgan said yesterday on its website. The
amount per employee is less than the $386,429 that Goldman Sachs
Group Inc. set aside for just the first half.
Paying less "is a risky strategy because we have seen some of the
top bankers jump ship to some of the smaller firms out there,"
William Fitzpatrick, an analyst at Optique ...