Bank of America elite in line for record bonuses
AN elite of Bank of America investment bankers are likely to receive record bonuses this year, the company has admitted.
The bank, which repaid $45bn (£28bn) to the US government after being bailed out, had been limited to how big a bonus pot could be offered.
But now the lender has moved to restore substantial bonuses to some of its staff in an attempt to avoid losing talent.
Bank of America spokesman Robert Stickler told the Wall Street Journal: “Some people will be getting very good bonuses because they had a very good year.
“Clearly investment banking at Bank of America had a pretty good year, so you’d expect year-end incentives would reflect that.”
However, he added that the overall pool “will not be a record”.
The bonuses will need approval from the company’s board later this month.
Fees from the company’s investment bank and capital markets businesses ranked second in 2009 among Wall Street firms behind only JPMorgan Chase & Co. Moynihan.