Sunday, January 17, 2010

JPMorgan Chase Earns $11.7 Billion

 The New York Times - JPMorgan Chase kicked off what is expected to be a robust — and controversial — reporting season for the nation’s banks on Friday with news that its profit and pay for 2009 soared.

In a remarkable rebound from the depths of the financial crisis, JPMorgan earned $11.7 billion last year, more than double its profit in 2008, and generated record revenue. The bank earned $3.3 billion in the fourth quarter alone.

Those cheery figures were accompanied by news that JPMorgan had earmarked $26.9 billion to compensate its workers, much of which will be paid out as bonuses. That is up about 18 percent, with employees, on average, earning about $129,000.

Workers in JPMorgan’s investment bank, on average, earned roughly $380,000 each. Top producers, however, expect to collect multimillion-dollar paycheck.

http://www.nytimes.com/2010/01/16/business/16morgan.html

No comments:

Videos

Watch videos at Vodpod and more of my videos

Search This Blog

WSJ.com Video

WSJ.com: What's News US

NYT > Business

CNBC Top News and Analysis

BusinessJournalism.org