US banks setting aside $70 billion for year end bonuses.
We conclude Bank of America is overgenerous and JP Morgan are cheap bastards.
“…Citigroup, [...], accrued $25.9bn for salaries and bonuses, an increase on the previous year of 4%. Earlier this week the bank accepted a $25bn investment by the US government as part of its bail-out plan.
At Goldman Sachs the figure was $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn and Merrill Lynch $11.7bn.”
It was just a week ago that we got the following:
Citigroup and JPMorgan Chase were told they would each get $25 billion; Bank of America and Wells Fargo, $20 billion each (plus an additional $5 billion for their recent acquisitions); Goldman Sachs and Morgan Stanley, $10 billion each, with Bank of New York Mellon and State Street each receiving $2 to 3 billion. Wells Fargo will get $5 billion for its acquisition of Wachovia, and Bank of America the same for amount for its purchase of Merrill Lynch.
JP Morgan is only giving a 1/4 of its bailout dollars in bonuses. Everyone else is giving out pretty much all of them. Cheap bastards.