Bank of America OKs $4B in Bonuses: Report
Stock quotes in this article:BAC
CHARLOTTE, N.C. (TheStreet) -- Bank of America (BAC) has reportedly approved more than $4 billion in bonuses for investment bankers and traders.
The payouts represent about 19% of the $23 billion in revenue generated by those businesses in 2009, an anonymous source told the Wall Street Journal. Pay has become a touchy subject in the financial industry as firms have returned to profitability on the back of taxpayer bailouts. Big banks like B of A, Goldman Sachs (GS), Citigroup (C), JPMorgan Chase (JPM), Morgan Stanley (MS), which all returned their TARP dollars, have had to answer heated questions about pay packages, as have still-struggling firms like American International Group (AIG), Fannie Mae (FNM) and Freddie Mac (FRE). On Tuesday, Bank of America disclosed that its CEO Brian Moynihan would get a $150,000 raise this year, not including stock awards and potential bonuses, and two other top executives received 60% salary increases. Bank of America shares finished Wednesday's session down 7 cents at $15.53. -- Written by Lauren Tara LaCapra in New York.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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