Jamie Dimon paid his fundsters more last year, even as he paid his investment bankers less.

Dawn Kopecki and Jeffrey McCracken of Bloomberg report that average pay (wages plus bonuses) for J.P. Morgan's [profile] asset management executives rose six percent in 2012, even as the unit's net income rose seven percent to $1.7 billion. Asset management includes PMs and other fundsters, as well as traders and private bankers.

That compares with a three percent drop in pay for J.P. Morgan's investment bankers, the wire service reported, as well as a 50 percent drop for Dimon himself. J.P. Morgan's M&A fees fell 17 percent last year, and equity underwriting fees fell 13 percent. Overall profit at J.P. Morgan rose 12 percent to a $21.3 billion last year.

Three executives told Bloomberg that J.P. Morgan's incentive pay is based on the whole company's performance, followed by performance for the employee's division, then unit, then personal results. 

Edited by: Neil Anderson, Managing Editor


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