US Major Banks Pay over US$30 Bln in Bonuses amid Bailout
Adjust font size:
Citigroup Inc., Bank of America Corp., and seven other US major banks paid over US$30 billion in bonuses in while receiving taxpayer money, New York's attorney general said on Thursday in a report.
Citigroup, which received US$45 billion in government money, gave employees US$5.33 billion in bonuses for 2008, according to the report from Attorney General Andrew Cuomo's office.
The report, which focused on 2008 bonuses paid to the banks that received loans under the government's Troubled Asset Relief Program (TARP) last fall.
Bank of America Corp., which also received 45 billion dollars in TARP money, paid US$3.3 billion in bonuses, with 172 employees receiving at least US$1 million while 28 employees received bonuses of more than US$3 million.
Merrill Lynch, which Charlotte, North Carolina-based Bank of America acquired during the credit crisis, paid out US$3.6 billion. The former third-largest investment bank gave 149 of its workers at least US$3 million in bonuses.
JPMorgan Chase & Co. and Goldman Sachs Group Inc., which have already repaid TARP funds they received, paid out the most bonuses of more than US$1 million, the report said.
(Xinhua News Agency July 31, 2009)