21 of the world’s largest western banks, including Citigroup (NYSE: C), Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS) and others set aside more than $298 billion for 2009 compensation and benefits in the midst of intense scrutiny over pay practices from regulators, shareholders and the public alike.
The data, first published by eFinancialNews out of London, showed a significant increase in compensation to employees of large financial institution. Group compensation for the same list of companies increased by 11% compared to 2008’s total of $266 billion.
In 2009, Bank of America paid the most to its employees with more than $31.5 billion going towards personnel. The lowest out of the group was U.S. investment bank Lazard, with $1.3 billion earmarked for compensation for the year.
Goldman Sachs paid $16.2 billion in compensation and benefits and Citigroup paid $16.5 billion in compensation and benefits. Other notable companies that made the list include Morgan Stanley, which earmarked $14.4 billion and JP Morgan Chase which earmarked $26.9 billion. UBS earmarked $15.5 billion.
Outside of the United States, HSBC paid the most to its employees, shelling out $18.5 billion in compensation.
