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date: 15 January 2010

embargo: For immediate release

Obscene bonuses show need for fundamental reform of banking sector

Responding to the announcement today (Friday) that JP Morgan Chase paid out $26.9 billion in pay, bonuses and benefits last year, 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.

'Banks are meant to support society, but instead taxpayers' support guarantees that whatever happens to the economy banks will continue to pay gigantic bonuses.

'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.'

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Press release (300 words) issued 15 Jan 2010