"JP Morgan Chase reports $3.3bn profits
JP Morgan Chase offices
JP Morgan is the first US bank to report fourth-quarter results
Wall Street bank JP Morgan Chase has reported profits of $3.3bn (£2bn) for the last three months of 2009.
That compares with profits of $702m reported at the end of 2008 at the height of the financial crisis.
Total profits for the year were $11.7bn, the bank said, with investment banking providing the bulk of the earnings.
Staff compensation - made up of salaries and bonuses - totalled $27bn for the year.
Investment bankers earned $9.3bn in pay and bonuses."
i am baffled. i don't get it. they made $11.7 billion for the year? they gave out $27 billion for staff compensation? i don't get this! does this mean if i earn $1,000, i can spend $2,000?
somebody PLEASE explain this to me!