Record payouts for JPMorgan staff

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While the average payout for investment bankers at JPMorgan will be lower than the £500,000 at Goldman, at £282,000 they will still enrage those calling for restraint.

Chief executive Jamie Dimon, regarded as the shrewdest Wall Street bank chief after avoiding the worst of the credit crunch, announced profits of $2.7 billion (£1.6 billion), up 36% on the same period in 2008.

Revenues soared to a record $27.7 billion.

The investment banking division, which employs just under 25,800 staff, set aside $2.677 billion in compensation for the three months to 30 June — about $103,000 per employee.

During the first half of 2009, average payout per employee was a total of $231,000, which means JPMorgan bankers could be on course for $462,000 (£282,000) for the year.

Dimon defended the payouts, saying: "We have to be competitive in the business and we intend to compete" for talent. Investment bankers at JPMorgan earned an average $276,000 each in 2008 and $312,000 in 2007.

Dimon praised equity underwriting, which doubled fees from $561 million to a record $1.1 billion.

London-based JPMorgan Cazenove has been one of the leading underwriters for rights issues in recent months. More than 4000 are thought to work for JPMorgan at its European HQ in the City, chiefly at London Wall.

JPMorgan has also repaid all the $25 billion it received from the US government's Troubled Asset Relief Programme last autumn.

Repayment of the TARP money meant earnings per share were cut to 28 cents per share, down from 53 cents in the second quarter of 2008.