JPMorgan Chase & Co., the second- largest U.S. bank, set aside $9.3 billion for compensation and benefits for investment-bank employees in 2009, enough to pay each worker in that unit $378,600.You know, if shareholders had any real power to direct a company, the idea that 33% of revenue go to bonuses, much less 62%, would be a thing of the pass.
The reserve is 33 percent of the investment bank’s revenue for the year, compared with 62 percent in 2008, New York-based JPMorgan said today on its Web site. That’s the lowest proportion allocated for pay since JPMorgan merged with Bank One Corp. in 2004.
It is currently illegal for shareholders to vote on compensation plans. How about we change the law and make it legal.
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