JP Morgan booked profits of $5.7bn (£3.6bn), up 54% on the $3.7bn the bank made a year earlier.
It also said the total 2012 pay for boss Jamie Dimon would halve from 2011.
He will receive $11.5m, which includes a salary of $1.5m - unchanged from 2011 - and a bonus of $10m in share options, down 54%.No, that's not an error. JPM rewarded its CEO for increased profits by cutting his compensation! The reason being all the adverse publicity given to losses in one department at JPM.
Which would be like Tom Brady being benched by Bill Belichick for throwing an interception in one game this season.
Some enterprising reporter ought to investigate what it took JPM giving to get Dimon not walk to another bank where his talents would be better appreciated.