Global banks to pay $65 b in salaries, bonuses

LONDON: World’s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system.

“JP Morgan Chase is set to defy calls for constraint over bankers’ bonuses this week when it delivers an expected $29 billion compensation pot for its executives,” a newspaper reported. JP Morgan’s 220,861 employees are on an average set to earn $131,300 for the year, against $100,000 in 2008.

However, top performers in its investment banking arm will be much more highly remunerated. Quoting analysts, the report said the world’s biggest banks will pay more $65 billion to their staff over the next fortnight despite efforts by governments in Europe and the US to restrict excessive remuneration.