JP Morgan Chase added a further $7.3bn (€4.9bn) to its compensation and bonus expenses in the third quarter as it opened the earnings season for US banks, bringing its year-to-date figure to $21.8bn. The quarterly sum adds to the $130bn in compensation expenses paid out or set aside by the biggest banks operating in Europe and the US during the first half of the year and leaves them on track to top the $200bn mark for the full year, according to research conducted by Financial News.

Group compensation expenses at JP Morgan Chase rose by a quarter from $5.9bn in the third quarter last year, leaving the figure for the first nine months this year 23% higher than the same period in 2008. At the group's investment bank, compensation expenses rose 28% from a year ago to $2.8bn in the third quarter, leaving the compensation bill for the first nine months more than a third higher than last year.