Tags: UK | bonus | tax | US

JP Morgan Bankers Get Walloped in UK Bonus Tax

Friday, 15 Jan 2010 10:27 AM

Britain's tax on bankers’ bonuses will raise about £300m from JP Morgan Chase after the giant US investment bank unveiled a bumper pay package for its Wall Street and City financiers.

JP Morgan’s full-year results reveal that its 24,654 investment bankers will share $9.3 billion in compensation after the company almost doubled net income last year from $5.6 billion to $11.7 billion.

Around 5,000 bankers operate in London, making their share of the pool about $1.9 billion – of which roughly $1 billion will be paid in bonuses.

Analysts expect the Government’s 50 percent “payroll tax” on all bonus payments above $40,000 to raise between $400 million and $500 million.

Similar levels of tax are expected to be paid by the likes of Goldman Sachs, Deutsche Bank and Barclays.

To read full London Telegraph story — Go Here Now.

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