Bonuses soar as top US bank doubles profits for 2009

The figures revealed pay, bonuses and benefits across the bank as a whole rose 18 per cent to 16.5bn.

JP Morgan – one of the strongest banks through the crisis – posted net income of 7.2bn for the year – up from 3.4bn.

The performance comes a day after President Obama launched plans to claw back 90 billion dollars (55bn) for the US taxpayers over 10 years in return for support given during the financial crisis.

President Obama pledged to get back "every dime" for the US taxpayer.

The levy on the liabilities of the banks – which could cost UK banks with significant US operations a reported 10bn – will remain in place as long as it takes to get the money back, the President said.

JP Morgan, which has about 15,000 staff in the UK, swallowed up failed rivals Bear Stearns and Washington Mutual in 2008. This helped push revenues to a record $108.6bn (66.7bn).

The bank took $25bn (15bn) from the US Government at the height of the meltdown – which it has since paid back – but avoided the worst of the sub-prime meltdown and never posted a quarterly loss.

TUC general secretary Brendan Barber said: "These obscene bonuses paid so soon after the world's taxpayers had to rescue the banking system show that there is something fundamentally wrong in the relationship between banking and the rest of the economy.

"The best way to reintegrate banks into society is to make sure they pay a proper contribution through a transaction tax –a solution rapidly gaining support both here and abroad."

In the UK, Chancellor Alistair Darling has unveiled a 50 per cent tax on bank bonuses which is expected to raise more than 500m – although it could be more if banks choose to maintain mega-payouts and stump up the tax.

Yesterday it was claimed three British banks including part-nationalised Royal Bank of Scotland face paying more than 6bn to the US government.

RBS, which is 84 per cent owned by the UK taxpayer, was said to be in line for a potential hit of almost one billion dollars or 600m over the next 10 years.

The levy will hit UK banks with major US operations, with RBS, Barclays and HSBC among the most exposed.