JPMorgan Setting Aside Smaller Percentage Of Revenue For Compensation This Year

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JPM will be paying $9.3 billion in comp and benefits for investment banking employees ($378,600-ish/each) for '09. That's 33 percent of the division's revenue, which Bloomberg notes is way less than the 62% in 2008 and "the lowest proportion allocated for pay since JPMorgan merged with Bank One Corp. in 2004." So don't even entertain the thought of continuing to get up in JD's face about comp. Don't say it and don't even think it.