Market Overview

Bank of America Corporation (BAC) To Pay $4 Billion In Bonuses

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Employees of Bank of America Corporation's (NYSE: BAC) investment bank and Global Markets unit are set to receive over 4$ billion in bonus pay for 2009, according to a person familiar with the situation.

Financial institutions such as Bank of America, JPMorgan Chase & Co. (NYSE: JPM), American International Group, Inc. (NYSE: AIG), and Goldman Sachs Group Inc. (NYSE: GS) have come under fire for paying generous bonuses to employees after receiving hundreds of billions of dollars in government financial aid.

Many of these companies have reduce the portion of revenue or earnings that are awarded as bonuses but that has done little to quell the criticism of a public currently faced with massive unemployment and limited opportunities.

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Posted-In: American International Group Bank of America Corporation Goldman Sachs Group Inc. JPMorgan Chase & Co.News Rumors Management Markets

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