Big Bank Bonus Facts: 2011Seven big banks – Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, US Bank, and Wells Fargo – are set to dole out year-end bonuses in the coming weeks. The banks do not release data on compensation until early next year, but it is possible to estimate the size of this year’s compensation pool based on data from the first three quarters of 2011 (note that compensation pools include salaries, benefits, and bonuses).
Press reports have suggested that Wall Street bankers will face a pay cut this year, but based on figures from the third quarter, compensation pools at the big banks are on track to be slightly larger than last year’s record breaking number: a combined $156 billion in total compensation.[i]
Big Bank Bonuses May Be Headed For Record Year | According to a new report from The New Bottom Line and The Public Accountability Initiative, bonuses at seven of the biggest U.S. banks — Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, US Bank, and Wells Fargo — will total about $156 billion in 2011, which would be “slightly larger than last year’s record breaking number.” Already, six of those seven banks “set aside more money for compensation through the first three quarters of 2011 than they did in the first three quarters of 2010.”
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