JPM Sets Aside $471,779 Run-Rated Compensation For 2009, 60% Less Than Goldman
JPMorgan disclosed today that it has provisioned $8.785 billion for compensation for the 9 months ended September 30. Based on the 24,828 employees currently working for Jamie Dimon, this implies an accrual of $353,834 per employee (this excludes the accrual to be set aside in Q4). The number is a 34% increase over the prior year period, and represents 38% of revenues for the first nine months of the year. Run rated, the median JPM employee should expect to make $471,779.
As a reminder, Goldman Sachs had provisioned a compensation number of $386,429 for the first half alone, or $772,858 for the full year. This number is roughly 60% higher than JPM's compensation accrual. More information will be made available when Goldman files their record Q3 earnings shortly (keep a close eye out on $100MM+ trading days). Of course, the distribution of compensation is far from normal, with several of the top producers pocketing a substantial portion of the compensation. Nonetheless, in what is shaping up to be a record year for Wall Street compensation, in case of another repeat of last year's market collapse, the public anger will be rightfully focused on those institutions that continue abusing the fact that they only exist, and are about to pocket insane amounts of money, courtesy only of taxpayer generosity and the Fed's complicity in raising the market to its current levels.
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on Wed, 10/14/2009 - 13:01
#98925
Must be from all those deals on moving capital out of the US. Keep giving them your money to send overseas people!
Don't buy our debt! Make sure nobody else does either!
Every dollar you send overseas makes the others weaker! So if you want DJ 20k, keep sending them to China!
Make sure the dollar is worth shit!
Why don't American's buy their own country back?
Because we're toooooooooooooooooooooo stupid!!!!!
Here China! Here's our money, buy our debt for us!!!!
on Wed, 10/14/2009 - 13:10
#98928
When the first bailout was passed, under Bush, there was a huge protest on Wall St. However, when subsequent bailouts were passed under Obama, Wall St was like any other day -- workers, cops, and tourists. The complacency that the new administration is different/"changed" from the old one, when in fact it is more of the same (hey how're those wars coming along? Escalation, say what?!), is promoting the biggest obstacle in outrage.
And Michael Moore puts the blame on Wall St as well, instead of the White House and Capitol Building which gave Wall St all that money! Absurd. Responsibility all around, but blaming Wall St. is like blaming an unruly toddler, whose parents cater to every whim while eschewing punishment and discipline.
on Wed, 10/14/2009 - 13:21
#98951
"If I had a rocket launcher...."
words and music by Bruce Cockburn with thanks:
http://www.youtube.com/watch?v=z02J_kPincA&feature=related
on Wed, 10/14/2009 - 13:07
#98933
"Wall Street... the most highly regulated, legally corrupt, industry in the world."
on Wed, 10/14/2009 - 13:08
#98936
Those pikers better get a haircut and a better job over at GS.
on Wed, 10/14/2009 - 13:10
#98939
How much of this is due to JPM's ownership of a branch bank - Chase, with plenty of lower paid branch staff?
Doesn't seem to be a particularly useful comparison.
on Wed, 10/14/2009 - 13:30
#98959
Yes, to be fair, JPM has exponentially more grunts (entry-level peons or back-office lifers) than GS. Those people would be happy with any bonus, let alone high 4-figures or more.
on Wed, 10/14/2009 - 15:04
#99103
Read the table.
This is just the IB son
on Wed, 10/14/2009 - 13:26
#98955
Daedal, Wall street runs DC. Not even close. When I say Wall St, I mean GS and maybe JPM now. They run the show, GS will post a killer number that would be higher if they needed it.
on Wed, 10/14/2009 - 13:34
#98967
It says the median employee gets $472k, not the average employee, so that means at least 12k will get that amount or more. Not bad for a honest day's work.
on Wed, 10/14/2009 - 13:58
#98994
JUST FOR THE RECORD ON JPM'S EARNINGS:
http://truthingold.blogspot.com/2009/10/quickly-just-for-record-on-jp-morgans.html
on Wed, 10/14/2009 - 14:49
#99077
Nathan Martin on JPM and the banks, this AM:
JPM profit grew a sickening six fold, or $3.6 billion!! $1.19 billion came from their investment banking division, the one that makes bets on theirs and Goldman’s market manipulations. The rest, I’m sure, came from fees on the consumer and from marking their assets to fantasy in accordance with the rules they created/paid for. Great job, that’s quite the business model. Keep in mind that these fantasy games, taxpayer backed, artificially low interest rate (taxpayer funded), “profits” jack up the “earnings” of the entire market, making earnings look far better than reality. These phony paper earnings are nothing but a lie and that lie will eventually be exposed for what it is… The politicians won’t expose it—it will be up to the people at some point to put an end to the pillaging…
By the wave count, we are very near the end of this rally, wave B. I know this rally has turned a lot of people into believers, that’s exactly the way the psychology is supposed to work to take in as much money as the market can. We are at an extreme, the place where contrarians make their money. It is good to run with the crowd in the middle, but at the extremes is where the contrarians are finally proven correct—it’s coming. In the mean time let all the people see the magical and mystical bank profits and wallow in the mythical blue skies…just as the pigmen wallow in their hard bought and paid for “profits” and bonuses, the purchasing power of your money erodes away.
http://economicedge.blogspot.com/
on Wed, 10/14/2009 - 14:53
#99085
You should be fine making 25k a year.
on Wed, 10/14/2009 - 15:58
#99211
WHEN are they going to buy back the stock warrants from the TARP?
on Wed, 10/14/2009 - 16:35
#99262
What exactly is "run rated"?
on Wed, 10/14/2009 - 18:33
#99379
Hey JPM, I have a message. I just told my girlfriend that she must move her savings account out of JPM or she is moving out. Well, she is opening a new account at a local credit union on Saturday. 50G's..gone. There went 5 mil on your 100-1 leveraged bullshit. PHUCK YOU.
on Wed, 10/14/2009 - 18:48
#99393
How much money are these banks borrowing from the Treasury on a daily basis? They collect on the cost of carry, shouldn't our tax dollars that they borrow get a little vig from 58 Broad?? If they are truly making this money using borrowings from the Treaury, then tere should be a tax on profits, and the taxpayer should be receiving a bonus for financing their escape from the Reaper.