If US banks are coining it in now, what's going to happen when the economy really recovers?

The first results come in.

If you look hard enough, you can just about find evidence of the US economy moving in the right direction.

Figures released yesterday highlighted that US banks re-possessed 17 per cent fewer homes in 2012 than in 2011. Meantime, a report from the US Commerce Department showed that housing stats rose by 12.1 per cent in December year-on-year to hit their highest monthly level since June 2008.

The slow rebound in US house prices provides further evidence of possible green shoots of recovery. The huge tide of negative equity has been a disaster for the US economy. Almost 11m US homes, or about 22 per cent of all residential properties with a mortgage were in negative equity at the end of the third quarter. The recent slight rise in US house prices meant that around 100,000 mortgage customers slipped back into positive equity in the quarter running up to Christmas with scope for a further 1.8m US homeowners estimated to have some equity in their homes during 2012.

From the evidence of the first banks to post annual results as the reporting season kicked off this week, US banks are already coining it in.

The largest US bank, JPMorgan Chase reported its highest ever annual profit after tax, $21.3bn, up 12 per cent for the year.

The country’s fourth-largest lender, Wells Fargo also hit a record high net profit: $18.9bn, up 19 per cent from 2011.

Hot on its heels, the fourth-largest lender, US Bank, posted a record full year profit of $5.6bn, up 16 per cent year-on-year.

Stand by, perhaps in a year or two, for commentators and politicians to express moral indignation at excessive bank profits if and when the US economy really does start to recover.

US unemployment remains stubbornly high at almost 8 per cent, but just a 1 per cent fall will feed through into a further sharp rise in US bank profits. At JPMorgan, 2012 earnings would have been even higher but for a $6bn trading loss at the bank last year.

Chase "punished" CEO Jamie Dimon by slashing his 2012 pay package to a mere $11.5m from $23.1m the previous year. He should however be able to jog along on his reduced pay package. At the last count, he owned bank shares worth $263m.

Sky's the limit. Photograph: Getty Images

Douglas Blakey is the editor of Retail Banker International

Photo: Getty
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Leaving the cleaning to someone else makes you happier? Men have known that for centuries

Research says avoiding housework is good for wellbeing, but women have rarely had the option.

If you want to be happy, there is apparently a trick: offload the shitwork onto somebody else. Hire cleaner. Get your groceries delivered. Have someone else launder your sheets. These are the findings published by the Proceedings of the National Academy of Sciences, but it’s also been the foundation of our economy since before we had economics. Who does the offloading? Men. Who does the shitwork? Women.

Over the last 40 years, female employment has risen to almost match the male rate, but inside the home, labour sticks stubbornly to old patterns: men self-report doing eight hours of housework a week, while women slog away for 13. When it comes to caring for family members, the difference is even more stark: men do ten hours, and women 23.

For your average heterosexual couple with kids, that means women spend 18 extra hours every week going to the shops, doing the laundry, laying out uniform, doing the school run, loading dishwashers, organising doctors' appointments, going to baby groups, picking things up, cooking meals, applying for tax credits, checking in on elderly parents, scrubbing pots, washing floors, combing out nits, dusting, folding laundry, etcetera etcetera et-tedious-cetera.

Split down the middle, that’s nine hours of unpaid work that men just sit back and let women take on. It’s not that men don’t need to eat, or that they don’t feel the cold cringe of horror when bare foot meets dropped food on a sticky kitchen floor. As Katrine Marçal pointed out in Who Cooked Adam Smiths Dinner?, men’s participation in the labour market has always relied on a woman in the background to service his needs. As far as the majority of men are concerned, domestic work is Someone Else’s Problem.

And though one of the study authors expressed surprise at how few people spend their money on time-saving services given the substantial effect on happiness, it surely isn’t that mysterious. The male half of the population has the option to recruit a wife or girlfriend who’ll do all this for free, while the female half faces harsh judgement for bringing cover in. Got a cleaner? Shouldn’t you be doing it yourself rather than outsourcing it to another woman? The fact that men have even more definitively shrugged off the housework gets little notice. Dirt apparently belongs to girls.

From infancy up, chores are coded pink. Looking on the Toys “R” Us website, I see you can buy a Disney Princess My First Kitchen (fuchsia, of course), which is one in the eye for royal privilege. Suck it up, Snow White: you don’t get out of the housekeeping just because your prince has come. Shop the blue aisle and you’ll find the Just Like Home Workshop Deluxe Carry Case Workbench – and this, precisely, is the difference between masculine and feminine work. Masculine work is productive: it makes something, and that something is valuable. Feminine work is reproductive: a cleaned toilet doesn’t stay clean, the used plates stack up in the sink.

The worst part of this con is that women are presumed to take on the shitwork because we want to. Because our natures dictate that there is a satisfaction in wiping an arse with a woman’s hand that men could never feel and money could never match. That fiction is used to justify not only women picking up the slack at home, but also employers paying less for what is seen as traditional “women’s work” – the caring, cleaning roles.

It took a six-year legal battle to secure compensation for the women Birmingham council underpaid for care work over decades. “Don’t get me wrong, the men do work hard, but we did work hard,” said one of the women who brought the action. “And I couldn’t see a lot of them doing what we do. Would they empty a commode, wash somebody down covered in mess, go into a house full of maggots and clean it up? But I’ll tell you what, I would have gone and done a dustman’s job for the day.”

If women are paid less, they’re more financially dependent on the men they live with. If you’re financially dependent, you can’t walk out over your unfair housework burden. No wonder the settlement of shitwork has been so hard to budge. The dream, of course, is that one day men will sack up and start to look after themselves and their own children. Till then, of course women should buy happiness if they can. There’s no guilt in hiring a cleaner – housework is work, so why shouldn’t someone get paid for it? One proviso: every week, spend just a little of the time you’ve purchased plotting how you’ll overthrow patriarchy for good.

Sarah Ditum is a journalist who writes regularly for the Guardian, New Statesman and others. Her website is here.