Wall Street Compensation–’No Clear Rhyme or Reason’

Discussion in 'Wall St. News' started by ASusilovic, Jul 30, 2009.

  1. Andrew Cuomo, New York’s Attorney General, just released a report breaking down compensation at the nine original TARP recipients.

    “There is no clear rhyme or reason to the way banks compensate and reward their employees. In many ways, the past three years have provided a virtual laboratory in which to test the hypothesis that compensation in the financial industry was performance-based. But even a cursory examination of the data suggests that in these challenging economic times, compensation for bank employees has become unmoored from the banks’ financial performance.”

    Below is a table of how many employees at each of the nine firms received bonus payments in excess of $3 million, $2 million and $1 million. Click here to see the full report. And click on the following names to see the compensation summaries for the individual banks: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs Group, J.P. Morgan Chase, Merrill Lynch, Morgan Stanley, State Street, and Wells Fargo.

    Bank Greater Than $3 Million Greater Than $2 Million Greater Than $1 Million
    Bank of America 28 65 172
    Bank of New York Mellon 12 22 74
    Citigroup 124 176 738
    Goldman Sachs 212 391 953
    J.P. Morgan Chase 200* - 1626
    Merrill Lynch 149 - 696
    Morgan Stanley 101 189 428
    State Street 3 8 44
    Wells Fargo 7 22 62

    *Over 200 employees at J.P. Morgan Chase received bonuses of $3 million or more.