JP Morgan Chase reported that compensation expenses at the bank as a a whole rose 9 percent in 2011. But pay in its investment banking division fell 9 percent.
As a percentage of revenue, compensation in the investment bank fell to 34 percent for 2011 from 37 percent for 2010. Net revenue for the investment banking division was nearly flat.
Not all of JPMorgan's Wall Street operations saw pay decline. The Treasury & Securities division saw compensation rise year over year by 3 percent, on a 4 percent rise in net revenue.
The private equity division saw a decline in net revenue of 33 percent. The corporate lending division saw a 47 percent year over year decline in net revenue. Combined, that amounts to a 44 percent decline for the division. Compensation in the private equity/corporate division, however, rose by 3 percent.
Asset management compensation rose 10 percent for 2011 over 2010. Net revenues rose 6 percent.
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