Bank of America will pay a total of $4 billion to its traders and investment bankers for their work in 2009—or something between $300,000 and $500,000 per employee. That means those responsible for the bank’s $23 billion haul in those sectors will receive about 19% of the profit. Roughly 25% of the payout will be in cash, with the rest in deferred restricted stock or cash depending on the bank’s future performance.
“We tried in determining year-end compensation to balance the need to pay competitively with the need to recognize the general concerns about the level of compensation on Wall Street,” a BofA spokesman tells the Wall Street Journal. Any deferred compensation in cash will be dispersed over 3 years, while stock will be awarded over 18 months, with the first segment available for sale in August. The bank also announced yesterday CEO Brian Moynihan's 2010 base salary will be $950,000, up from $800,000. (More executive compensation stories.)
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