JPMorgan and Bonus Pay Information

Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co as well as six other banks that received taxpayer bailout funds and who were demanding information on upper management bonus pay received a letter from Andrew Cuomo a New York Attorney.

In the letters the banks received Cuomo requests detailed accounts of what the top executives in the upcoming bonus season are expecting to receive, as well as information regarding expected bonus pool for this year, according to the letter sent on October 29. Cuomo has also asked for bonus information from before and after the banks knowledge of the feds troubled asset relief program.

In the letter Cuomo wrote: “In this new era of corporate responsibility we are entering, boards of directors must step up to the plate and prevent wasteful expenditures of corporate funds on outsized executive bonuses and other unjustified compensation.”

The other six banks that were requested to send the same bonus information to the New York attorney are Bank of America Corp, State Street Corp, Morgan Stanley, Merrill Lynch & Co, Mellon Corp, Bank of New York and Goldman Sachs Group Inc.

Source: Bloomberg