Dimon, Rubin Won't Ask for Bonuses: Report

JPMorganChase CEO Jamie Dimon and Citigroup's Robert Rubin won't request bonuses for 2008, a report says.
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Jamie Dimon of

JPMorgan Chase

(JPM) - Get Report

and Robert Rubin of


(C) - Get Report

won't request bonuses in 2008, the

New York Times

reports, citing people familiar with their plans.

While JPMorganChase's CEO Dimon doesn't intend to ask for a bonus, like nearly every CEO in the banking industry because of weakness in the stock market and the general economy, Dimon's deputies are expected to receive bonuses based on their divisions' performance, the



Vikram S. Pandit, Citigroup's CEO, hasn't decided whether to accept a bonus, the


reports. But Rubin, a Citigroup board member and adviser, will not request a bonus for the second year in a row. That decision comes as Rubin faces criticism that he failed to prevent Citigroup's ill-fated push into the mortgage business, according to the nwwspaper.

It was reported by the

Financial Times

Thursday that partners at

Goldman Sachs

(GS) - Get Report

will see their bonuses fall by up to 80% this year and the cash component of their year-end packages capped at $400,000. The top seven executives at Goldman, including CEO Lloyd Blankfein, have all said they will forgo 2008 bonuses.

Morgan Stanley

(MS) - Get Report

said it is cutting its bonus pool by 50%.

This article was written by a staff member of TheStreet.com.