Compensation for J.P. Morgan Investment Bank Employees Drops
Last year, J.P. Morgan Chase & Co. paid its investment bank employees an average of $341,552, which represented a 7.6 percent dip from the previous year, according to Dow Jones Newswires.
Overall, the bank allocated 9 percent less money to compensation for its investment banking business in 2011 than in 2010, as the number of workers also fell 1.2 percent, the news provider noted.
The compensation decline comes as many financial institutions around the world are struggling to keep their investment banking divisions afloat. Morgan Stanley and the Royal Bank of Scotland are two high-profile examples of this, as both plan to slash thousands of investment banking positions this year, according to reports.
For J.P. Morgan Chase, quarterly profit for the investment banking division fell 52 percent to $726 million, while the company's overall fourth-quarter profit dipped 23 percent, Dow Jones Newswires reports.
J.P. Morgan was reportedly the first big U.S. bank to report its quarterly results, the news source said.