JP Morgan isn't that generous after all

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It emerged over the weekend that JP Morgan didn't pay the biggest number of $1m+ bonuses per head last year after all, Goldman Sachs did.

The New York Times reports that JP Morgan made a mistake in the figures it gave to Andrew Cuomo.

JP Morgan told Cuomo that it paid 1,626 bonuses worth >$1m last year. However, this figure included money paid out in salaries. When bonuses alone are taken into consideration, JPMorgan paid only 1,144 bonuses worth $1m+.

Last week we lauded JP Morgan as the bank most likely to pay seven figure bonuses. Sadly (for anyone at JPMorgan), this is now wrong. 4.8% of people at JP Morgan received seven figure bonuses last year, compared to 5.2% at Goldman Sachs.

Percentage of investment banking staff receiving $1m+ bonuses for 2008

Cuomo figures updated

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