bonus

Senior executives at a largest US lender Bank of America will not be paid cash bonuses for 2010 with the Chief Executive Brian Moynihan left without a base salary increase in 2011, reports the company in its securities filing.

The head of the largest U.S. bank by assets was paid $950,000 in 2010 base salary.

While the board of the bank did increase the base pay for other executives the board elected to defer much of Moynihan's compensation into long-term awards of stock and cash that more closely tie company performance to his pay.

Bankers at Bank of America Corp will be paid their bonuses at the levels close to those of 2007 as the company tries to reduce defections following its takeover of Merrill Lynch & Co., reported the Wall Street Journal citing the source familiar with the case.

Some bankers will likely receive bonuses equal to what they got in 2007 while the overall average is expected to be lower.

Goldman Sachs Group is being sued by an institutional investor who claims the firm is preparing to pay out improper bonuses.

The lawsuit, filed with the New York Supreme Court by the Security Police and Fire Professionals of America Retirement Fund, names chief executive Lloyd Blankfein and other executives and board members as defendants.

Goldman has faced a maelstrom of criticism for setting aside billions for year-end payouts soon after the firm paid back its $10 billion taxpayer bailout.

 Citibank Korea has launched the Citi Rewards Credit Card which allows customer to accumulate rewards on their cards at the highest rates in Korea with no expiration and volume limits. Thus, customers can collect as many points as they wish and then redeem these points instantly at over 20,000 outlets of major popular merchants including restaurants, major department stores, online shopping centers, movie theaters, and gas stations.

 Chase added two new credit cards - Ink and Ink Capital - to its Ink portfolio of business cards. The series features additional purchase rewards or an interest-payment refund to customers with Chase business checking accounts. 

“These additional benefits allow us to thank our business customers for expanding their relationship with Chase,” said Kevin Watters, head of Business Banking at Chase.

The two new Ink from Chase cards:

Kenneth Feinberg, the US government's "pay czar", appointed by the White House to review and approve compensation for top executives at the seven companies receiving "exceptional" support from the government, suggested outgoing CEO Kenneth Lewis not to take any compensation for 2009.

 According to a new study, employees recruitment will be a top priority for many US companies after the economy returns to normal state. Over 30% of senior executives representing largest American companies say that staff enlargement will be first in the list of their tasks, reports the survey.

Meantime, 21% say they will increase salaries to their existing workers and 15% say they will increase or reinstitute bonuses.