Bank: Legal Expenses

legal expenses: Overall compensation per employee was roughly flat with 2012, just as managers had warned employees in November, said the person who was not authorized to speak publicly. While some individuals are getting more money, their payouts have come at the expense of others, according to Reuters. The bank announced about $20 billion of settlements in 2013 and recorded firm wide legal expenses of $11.1 billion, up from $5 billion in 2012. The additional legal expenses were responsible for all of the company's 9 percent increase in non-interest expenses. Net income in 2013 was $17.9 billion, down 16 percent from 2012 and NEW - JPMorgan Chase Co JPM.N: Quote is telling employees this week about their 2013 bonuses, and most workers are not getting pay increases for the year thanks to the bank's massive legal bills, a person familiar with the matter said. Pay increases have been muted across much of the banking sector in the aftermath of the financial crisis, but 2013 was especially tough at JPMorgan as profits declined because of the cost to settle government and private claims against the bank. (www.immigrantscanada.com). As reported in the news.