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2011: Big Bank Bonuses set to be near-record, $156 billion
From The New Bottom Line and the Public Accountability Initiative
According to a "mini-report" released today by the The New Bottom Line and the Public Accountability Initiative, Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, US Bank, and Wells Fargo are set to award themselves $156 billion in compensation (including salaries, benefits and bonuses) to executives in 2011, a 3.7 percent increase over 2010. (Although, they do not release data on compensation until next year, it is possible to estimate the size of the compensation pool based on the first three quarters of 2011.)
- To download the mini-report: click here.
- To see our blog post about the report (including info on bank bonus actions in Chicago and Minneapolis last week), click here
- To read the full press release, click here
- To see some infographics we cooked up (comparing BofA, Wells Fargo, Chase CEO compensation to that of hourly, daily, annual pay to average worker) click here
We recently called on the CEOs of Bank of America, Wells Fargo and JPMorgan Chase to forego holiday bonuses for their executives and use the money to write down mortgage principal for families facing foreclosure or who owe more than their homes are worth, make loans to small businesses, and pay their fair share of taxes. In Chicago and Minneapolis last week, National People's Action groups delivered more than 5,000 signatures from that online call to action. On Thursday, families in Chicago pledged to move $218,000 from Bank of America and JPMorgan Chase to community banks and credit unions that share their values (Move Our Money campaign in action!!). On Friday, in Minneapolis, about 50 people protested in front of Wells Fargo and urged the bank to create jobs and help people stay in their homes instead of dispersing huge bonuses. In January, when information about the banks’ compensation packages becomes more available, there will be more protests to come.