JPMorgan Chase & Co. (JPM:US)’s investment bank set aside $2.9 billion for employee compensation in the first quarter, 12 percent less than a year earlier, as revenue slipped 11 percent.
The expense, which includes salaries, bonuses and benefits, was enough to give each of the division’s 25,707 employees an average of $112,849 for their work in the first three months of this year, according to figures posted today on the New York- based company’s website. The unit set aside $3.29 billion to pay traders, dealmakers and other personnel, or $124,330 for each of the 26,494 people on staff, in 2011’s first quarter.
JPMorgan’s investment bank had 292 fewer people on March 31 than at the end of the fourth quarter and 787 fewer than a year earlier, according to today’s disclosure. JPMorgan, the largest U.S. bank by assets, boosted total staff (JPM:US) 8 percent over the last 12 months to 261,453.
Jes Staley, 55, chief executive officer of JPMorgan’s investment bank, set aside about 40 percent of the division’s revenue for pay in the first quarter, the same proportion as in the year-earlier quarter.
Net income for the division fell 29 percent to $1.68 billion from the previous year. The investment bank generated 31 percent of JPMorgan’s $5.38 billion in profit, down from 43 percent a year earlier.
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