bonuses

CEO at HSBC and Standard Chartered will send bonuses for charity?

March 1, 2010 - 5:24am | Banks and internet banks | News

As it became known HSBC’s and Standard Chartered’s CEOs intend to provide charity with their bonuses.

Michael Geoghegan chief executive of HSBC would accept his bonus but give it to several charities. Geoghegan stands to be awarded a bonus of four times his basic salary of 1.1 million pounds (or $1.68 million).

At the same time, Peter Sands, head of Standard Chartered, planned to donate his bonus to charity as well.

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RBS alerts about risks as UK government demands control of bonuses

December 3, 2009 - 8:15am | Banks and internet banks | News

Royal Bank of Scotland Group Plc warned it could struggle to hire and retain key staff after the UK government demanded control of bonuses as a condition for insuring its bad debts.

Bailed-out RBS, set to become 84 percent state-owned after the latest aid package, detailed the unprecedented direct intervention ahead of a shareholder meeting later this month to vote on its participation in the state-backed Asset Protection Scheme (APS) for toxic loans.

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Investors seek billions in damages in a lawsuit against BofA over Merrill deal

September 29, 2009 - 5:51am | Law aspects | News

Investors in a class-action lawsuit against Bank of America Corp over the Merrill Lynch & Co takeover are trying to collect "billions of dollars" in damages, Ohio's attorney general said on Monday.

Attorney General Richard Cordray spoke after filing a 155-page complaint in Manhattan federal court that accuses Bank of America of fraudulently concealing Merrill's soaring losses even as it let Merrill award $3.6 billion of bonuses in 2008.

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Bank of America charged $33 million for lying to shareholders

August 4, 2009 - 2:18am | Law aspects | News

In a case investigated by the Securities and Exchange Commission the largest US financial institution Bank of America has agreed to pay a $33 million penalty on charges that the bank misled investors about Merrill Lynch’s plans to pay bonuses to its executives. While in order to persuade investors to approve the deal BofA told them that Merrill would not pay year-end bonuses without Bank of America’s consent the SEC alleges Bank of America had authorized New York-based Merrill to pay up to $5.8 billion in bonuses.

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Executive pays at Barclays will increase to nearly £250,000

August 3, 2009 - 2:29am | Banks and internet banks | News

Bankers at Barclays’ investment bank are set to repeat its performance in the second half of the year and to see their pay and bonuses more than double to nearly £250,000 this year as their division reports bumper profits today. The return of bankers’ bonuses is expected to provoke outrage so soon after the meltdown in the financial system, which prompted the worst recession since the Second World War.

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Bank of America is paying out millions in bonuses to keep investment bankers

June 19, 2009 - 12:03pm | Banks and internet banks | News

As the New York Post reported on Friday, Bank of America has been paying millions in bonuses in a move to attract talent and retain investment bankers the BofA considers as vital.

Merrill Lynch bankers, Fares Noujaim, recently appointed BofA's vice chairman of investment banking, and Harry McMahon, are among those who got bonuses. As the paper stated, these two promised not to quit.

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Attorney General wants to know if Merill bonuses were sanctioned by BofA

March 11, 2009 - 6:27am | Articles | Banks and internet banks

According to the Financial Times, New York prosecutors started the investigating process connecting with the early payment of bonuses at Merrill Lynch last year to learn whether it was to stimulate the markdown of the value of their trading positions in the last days of December.

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Additional bailout to BofA for Merrill Lynch & Co. Inc. was a mistake

March 4, 2009 - 4:16am | Banks and internet banks | News

Chief Executive of Bank of America Corp., Kenneth Lewis, stated that the bank's request for $20 billion in federal funds to support BofA's acquisition of Merrill Lynch & Co. Inc. was a "tactical mistake."

Lewis said the extra bailout funds from the Troubled Asset Relief Program made BofA appear as weak as Citigroup Inc., according to The Financial Times.

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Attorney General "severely disappointed" in BofA’s refusal to report bonuses

February 27, 2009 - 2:28am | Banks and internet banks | News

Bank of America was subpoenaed by the New York Attorney General’s office. The financial institution was required to provide a list of managers who received bonuses and amounts of money they were granted.

As long as the BofA failed to provide the information on bonuses which made the attorney general to be "severely disappointed" the legal office served the bank with a subpoena to obtain the information.

Attorney General | Bank of America | bonuses | Kenneth Lewis | subpoena

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Bonuses contraction makes bankers unhappy

February 24, 2009 - 7:58am | News | Other themes

Shaun Springer, chief executive of Napier Scott Napier, said bankers were demanding higher salaries to make up for decrease in bonuses.

At the same time nationalized bank Northern Rock declared it would pay bonuses to its employees despite £1.4billion loss in 2008.

Mr. Springer clarified the case saying the base salaries were increasing by 5-10 per cent, while bonuses were falling by as much as 80 per cent.

banks | bonuses | economy downturn | financial crisis | salaries

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Bank of America: new scandal with Merill Lynch

February 11, 2009 - 4:53pm | Banks and internet banks | News

According to The Associated Press, New York Attorney General Andrew Cuomo made the claims in a letter sent Wednesday to U.S. House Financial Services Chairman Barney Frank as he accuses executives at Merrill Lynch & Co. Inc. of prematurely awarding $3.6 billion in bonuses late last year, just days before Merrill was taken over by Bank of America Corp.

Bank of America Corp | bonuses | Cuomo | investigation | Merill Lynch &Co.

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Fired John Thain will reimburse Bank of America for the money spent

January 27, 2009 - 1:20am | Banks and internet banks | News

John Thain, a former CEO of Merrill Lynch, resigned last week after taking a wrong decision to pay out bonuses to the executives of Merrill Lynch before the completion of the merger with Bank of America, has offered BofA to reimburse for about $1.2 million spent last year for renovation of his office, two conference rooms and a reception area.

Bank of America | bonuses | John Thain | reimbursement

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