• Improved performance in retail banking and credit card arm
JP Morgan’s investment bankers are to receive an average payout of $369,651 (£233,000) after the bank set aside almost $10bn to cover basic pay and bonuses.
The figures were released after JPMorgan Chase kicked off the US banking reporting season by reporting a 47% jump in profits for the last quarter of 2010.
America’s second-largest bank beat Wall Street forecasts, thanks to an improved performance from its retail banking and credit card operations. However, net profits at its investment banking arm fell during the quarter, partly because its bonus pot increased slightly.
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