Report details bank bonus payouts
NEW YORK — Citigroup, one of the biggest recipients of government bailout money, gave employees $5.33 billion in bonuses for 2008, New York's attorney general said today in a report detailing the payouts by nine big banks.
The report from Attorney General Andrew Cuomo's office focused on 2008 bonuses paid to the initial nine banks that received loans under the government's Troubled Asset Relief Program last fall.
Cuomo has joined other government officials in criticizing the banks for paying out big bonuses while accepting taxpayer money.
Citigroup, which gave 738 of its employees bonuses of at least $1 million, is now one-third owned by government as a result of its bailout. It paid bonuses of at least $3 million to 124 of those employees, even after it lost $18.7 billion during the year, Cuomo's office said.
The New York-based bank received $45 billion in government money and guarantees to protect it against hundreds of billions of dollars on potential losses from risky investments.
Bank of America, which also received $45 billion in TARP money, paid $3.3 billion in bonuses, with 172 employees receiving at least $1 million. Of those, 28 received bonuses of more than $3 million. Merrill Lynch, which Charlotte, N.C.-based Bank of America acquired during the credit crisis, paid out $3.6 billion.
Cuomo's office said Merrill Lynch doled out 696 bonuses of at least $1 million for 2008, with 149 of those workers getting bonuses of at least $3 million.
