American Banks Pay Out $20 Billion in Bonuses
Reuters reported yesterday that the annual bonuses among major American investment and commercial banks increased an average of 17 percent in 2009. Specifically, among JPMorgan Chase, Goldman Sachs and Morgan Stanley bonuses rose 31 percent. All told, employees of the banking industry in the U.S. raked in $20.3 billion, with the average bonus of $123,850.
This increase is modest compared to the 2007 records set with bonuses, but still, you know, we're in a major recession, unemployment's at nearly 10 percent with another 20 percent underemployed, the money used to turn the record profit of $55 billion among major banks in 2009 (three times the previous record profit) was built using taxpayer money. See more »