Jamie Dimon Plans to Pay Bankers Less (Only $4.91 Billion So Far)
You're watching the Financial News Network at fnno.com your source for the latest business news, I'm Julia Sun. Report card is in for JP Morgan, first time after the enormous trading losses incurred in May from credit bets. Second quarter earnings dropped 8.7%. On per share basis, earnings were $1.21 vs. the expected $1.27. These numbers do include the pretax loss of $4.4 billion or 69c per share after-tax reduction on earnings. Every quarter, the investment banking division sets aside some cash for year-end bonus. For the second quarter, the amount going into the pool shrank 22% from the previous quarter. All together, the investment banking division has $4.91 billion for bonus during the first half of 2012 . According to JP Morgan's filing, there are 26,553 investment banking employees, that makes an average half year bonus for each employee nearly $185,000. Let us know what you think about this number, please send your comments to our show at fnno.com or tweet us @FNNOnline. I'm Julia Sun for the Financial News Network in New York City.