JPMorgan Chase & Co. (JPM)’s corporate and investment bank allocated almost the same amount of money for employees in the first half from a year earlier as the division’s revenue climbed 9 percent.
The unit’s $6.36 billion in first-half compensation costs amounted to 33 percent of revenue, excluding accounting adjustments, down from 34 percent in the prior year, according to figures posted today on the New York-based firm’s website. The amount is equal to $122,926 for each of the division’s 51,771 employees in the six months. The unit had 52,336 employees a year ago.
JPMorgan, the biggest U.S. bank by assets, combined its investment bank with the corporate bank and treasury and securities-services units last year under co-heads Mike Cavanagh, 47, and Daniel Pinto, 50. The group has more than twice as many employees as the investment bank.
The amount set aside for compensation includes salaries, bonuses, benefits and the cost of deferred pay from previous years. Figures for average pay don’t represent what individuals actually receive and are calculated by dividing the total compensation expense by the number of employees.