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BofA Approved More Than $4B for 2009 Pay

8:45 AM
BofA Approved More Than $4B for 2009 Pay
NEW YORK--Bank of America Corp (BAC) 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% 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.

On average, a quarter of the payout will be in cash and the rest will be deferred payments of restricted stock or cash paid over one and a half or three years and tied to the bank's stock price, the Journal said.

It said some senior bankers getting seven-figure payouts would get 5% of their payout in cash. Some payments will be subject to clawbacks, the report added.

Earlier on Tuesday, Bank of America Corp said in a regulatory filing that Chief Executive Brian Moynihan would receive a new base salary of $950,000 beginning on Jan. 1.

Reuters

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