Bank of America, still in the hole to taxpayers to the tune of $45 billion, has found a way to get around any future public outrage about fat Wall Street bonuses. The bank-on-the-breadline is working on a plan to give its dealmakers 70% raises in their base salaries to offset a future (or at least two years) of crappy bonuses.
Now, they’ll still be getting bonuses, just not ones big enough to piss off Congress, at least for a while.
“Bank of America, which has received $45 billion of taxpayers’ money, may raise the annual base pay for some managing directors to about $300,000 from $180,000, said the people, who declined to be identified because the final numbers are still under discussion. Salaries for less-senior directors would climb to about $250,000 from $150,000, and vice presidents would get $200,000, up from about $125,000, the people said.”
Not a particularly graceful or creative way to get around Washington, D.C., but it’ll make the troops in New York (and their real estate brokers) happy.