AMERICAN investment bank JP Morgan Chase revealed it has run up a £17.7bn bill for staff pay and bonuses in 2010 – after a 48% leap in annual earnings.
The group set aside £4.2bn for staff compensation in the fourth quarter alone – up by 29% on a year earlier.
Pay and bonuses for its investment bankers, including between 7,000 and 8,000 based in London, more than trebled year-on-year in the final three months to £1.1bn in a move likely to raise concerns over the impending bonus round among British banks.
The bumper pay deal for JP Morgan Chase’s staff comes after it reported full-year net income of £11bn for 2010.
