Source:
Reuters3 Feb 2010, 1011 hrs IST, REUTERS
NEW YORK: Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal.
The payout is about 19 percent of the $23 billion in revenue the company made from its investment banking and capital markets divisions, according to the Journal, citing a person familiar with the matter.
Each banker and trader will collect an average $300,000 to $500,000 for 2009, a figure close to what Bank of America paid in 2006, its peak year for such payouts, the report said. Bank of America was not immediately available for comment.
Read more:
http://economictimes.indiatimes.com/news/international-business/BofA-approved-more-than-4-billion-for-2009-pay/articleshow/5530079.cms