Financial Times FT.com

Tarp banks award billions in bonuses

By Greg Farrell in New York

Published: July 30 2009 18:18 | Last updated: July 30 2009 21:46

Citigroup and Merrill Lynch, which lost $55bn in 2008, between them paid 1,400 employees bonuses of $1m or more each, according to a New York state report, released on Thursday, on banks propped up with taxpayer funds.

Bonus breakdown

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.

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