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US Banks Paid Employees Record $145B in 2009

Haul breaks mark set in pre-bust 2007

By Will McCahill,  Newser Staff

Posted Jan 14, 2010 9:41 PM CST
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(Newser) – Employees at the major US banks were paid about $145 billion in 2009—a total that, despite the financial crisis and public outcry over compensation in the industry—breaks a record set in pre-bust 2007. A Wall Street Journal analysis finds that 2009 revenue will be $450 billion, up 25% from ’07; pay should be about 32% of revenue, down from 40% in ’08.

“The companies have done well since the meltdown,” one lawyer says of the likes of Goldman Sachs, Bank of America, JP Morgan and Wells Fargo. And though “some of it has to do with government assistance,” he adds. “You can't just say, ‘There is a lot of populist anger out there, so we are not going to compensate our executives who have worked hard to recover some shareholder value.’”

From left, Goldman Sachs CEO Lloyd Blankfein; JPMorgan Chase CEO James Dimon; Morgan Stanley Chairman John Mack, and Bank of America CEO Brian Moynihan.
From left, Goldman Sachs CEO Lloyd Blankfein; JPMorgan Chase CEO James Dimon; Morgan Stanley Chairman John Mack, and Bank of America CEO Brian Moynihan.   (AP Photo)
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COMMENTS
Showing 3 of 8 comments
brawne
Jan 15, 2010 6:04 AM CST
The Supermob, thephat, the Supermob. They've elected all your presidents since Cleveland and they rule your world. They all went legit back in the forties so there is no trail to follow unless you believe that the same company who ran the wire for the bookmakers and Al Capone turned into Prudential and Marriot. If you can't believe that which is true and all over the records at the National Archives, well, you probably don't believe that Reagan had a three way at twenty with the most important guy in Chicago at the time. I'm bad cause I did work in the records and read all the FBI files. They never made a case against anyone so I should probably shut up. But, I read the transcripts off the wire and nothing in the last thirty years has changed my mind.
flyjets
Jan 15, 2010 5:31 AM CST
I'm pretty sure the IRS is not complaining about the income tax that they are collecting on the billions that these people earned. How the hell do you left wing moon bats think that your bloated government will stay aflote. You can't have it both ways.
thephat
Jan 15, 2010 4:24 AM CST
Who do you think holds the real power in this world?
Money • Politics • US

 
executive compensation • Bank of America • Goldman Sachs • Wells Fargo • bailout • JPMorgan Chase • financial crisis • big banks

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