U.S. banks set to pay employees at least as much as during pre-crisis days
NEW YORK - Wall Street's biggest banks are setting aside billions of dollars more to pay their executives and other employees just months after these firms were rescued with a taxpayer bailout, renewing questions about compensation practices in the aftermath of the financial crisis.
The recent outcry over bonuses at bailed-out firms prompted public alarm and promises of reform from financial leaders, who acknowledged that pay and bonuses should not reward risky short-term business decisions — such as those that contributed to the meltdown — but instead longer-term financial performance.
But Wall Street, helped by improving profits, is on track to pay employees as much as, or even more than, it did in the pre-crisis days. So far this year, the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year.
GO HERE to read more from MSNBC.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Oh no, these banks are paying bonus' to employees who did thier job and did it well. if people are so upset at how much these hard working Americans make, why are they not going after Hollywood or sports franchises???? If they are so upset at the banks, why not be upset at the wasteful trips our government officials take, on our dime........
ReplyDeleteThis is the very same mentality that put this business in a hole requiring billions of taxpayer $ to be dug out! Since when are people entitled to an astronomical bonus for borrowing billions of dollars,declaring a windfall quarter and writing themselves big checks? I'm all for incentives but enough is enough!!! PAYBACK the money then make a TRUE profit!
ReplyDeleteThe greed in this country is embarassing. That's all it comes down to is GREED. You people sicken me.
ReplyDeleteThe public should now be considered shareholder's of this organization. The top layer needs to go. GREEDY F***S.
ReplyDelete