Andrew Cuomo's Work Is Done For the Day
New York's bad-ass attorney general, Andrew Cuomo, has been looking into compensation on Wall Street for, like, nine months now. And now the fruits of his labor have been unveiled for all to see! Cuomo released a report today called "No Rhyme or Reason: The 'Heads I Win, Tails You Lose' Bank Bonus Culture," in which he says—surprise!—big banks don't usually tie annual compensation to performance, and still pay out massive bonuses even in years when they don't record a profit. How surprising! (It's a good thing we don't tie the state tax rate to the performance of elected officials, too.) Unfortunately, Cuomo's 22-page report doesn't include the names of these Wall Streeters who are raking it in, but he does share a few facts you may find interesting.
Like how many employees at each firm he investigated took home a million dollars or more last year:
JPMorgan Chase: 1,626
Goldman Sachs: 953
Citigroup: 738
Merrill Lynch: 696
Morgan Stanley: 428
Bank of America: 172
Bank of New York Mellon: 74
Wells Fargo: 62
State Street: 44
Sure sucks to work at State Street, huh?
Cuomo's full report is below.
