Citigroup and Merrill Lynch, which lost a total of $55bn in 2008, between them paid 1,400 employees bonuses of $1m or more each, according to a New York state report yesterday on banks propped up with taxpayer funds.
The study, compiled by Andrew Cuomo, New York attorney-general, showed that JPMorgan Chase and Goldman Sachs, which both finished in the black last year, paid the most million-dollar bonuses – 1,626 and 953, respectively.
However, the totals at a profitable bank such as Goldman were nearly matched by two of the year's biggest losers on Wall Street. Citi, which suffered a $27.7bn loss, paid million-dollar bonuses to 738 employees. Merrill, which lost $27.6bn, paid 696 bonuses of $1m or more.
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