Back to all announcements

Bank of America and Citigroup execs paid average $18m in 2008

Top executives at Bank of America and Citigroup earned an average salary of $18.2 million in 2008, according to records released by US pay czar Kenneth Feinberg.

Despite receiving around $90 billion in government bailouts, the two banks paid out almost double the average amount paid to managers at the other five bailed-out US companies.

At Bank of America, 13 executives shared almost $230 million between them, an average pay packet of $17.5 million.

Citigroup paid out $390 million to 21 top employees, $18.6 million each.

The records do not include managers who have left the two banks since 2008.

Mr Feinberg has already told the companies to cut their wage bills by 50 per cent in 2009, resulting in Citigroup chief executive Vikram Pandit volunteering to accept only one dollar in pay for this year.

In 2008, Mr Pandit took home almost $11 million.

Earlier this month, Citigroup reported third-quarter losses of more than $100 million, while Bank of America announced a net loss of $1 billion.

By Gary Cooper