More Videos
- US May Raise Rates Before Jobs Recover: Fed's Plosser
- Ford Says November Sales Rise; Crossover Cars Do Well
- Larry Kudlow's Open Letter to Tiger Woods
- Pending Home Sales Have Record Rise; Construction Flat
- AIG Slashes US Debt Under Deal With New York Fed
- Commercial Property Fears Are Overblown: Zell, LeFrak
- Trump: Time to Force Banks to Start Lending
- Accused Fraudster Rothstein Arrested
- Seamstress Fined $5.7 Million for Insider Trading
MOST SHARED
- Commercial Property Fears Are Overblown: Zell, LeFrak
- US Manufacturing Grew Less Than Expected in November
- Pending Home Sales Have Record Rise; Construction Flat
- Oil Companies Look to the Future in Iraq
- Schork Oil Outlook: What's Worth Fighting For
- Farrell: Forget About Dubai—Worry About This
- Retailers 'Friend' Facebook as Marketing Budgets Shrink
- S&P Stocks Trading at New 52-Week Highs
Text Size 
The New York Attorney General's office is negotiating with top Wall Street firms that received federal bailout money to forego executive bonuses this year, sources close to the attorney general told CNBC.
The efforts by New York Attorney General Andrew Cuomo also may expand to include capping non-executive bonus compensation. In addition, Cuomo has not ruled out trying to recoup previous years' bonuses for top executives, sources said.
The discussions involve firms that have received money under the $700 billion Wall Street bailout fund, known as the Troubled Asset Relief Program, or TARP.
Besides Wall Street financial institutions, Cuomo has also asked insurance giant American International Group [AIG
Loading...
()
] to disclose more on its executive compensation. AIG has received billions in government money under the TARP.
Cuomo is currently having discussions with Citigroup [C
Loading...
()
], Bank of America [BAC
Loading...
()
], Bank of New York Mellon [BK
Loading...
()
], JP Morgan Chase [JPM
Loading...
()
], Merrill Lynch [MER
Loading...
()
], Morgan Stanley [MS
Loading...
()
], State Street [STT
Loading...
()
] and Wells Fargo [WFC
Loading...
()
].
(Watch the accompanying video for more...)
Goldman Sachs [GS
Loading...
()
] and UBS [UBS
Loading...
()
] have already dropped executive bonuses this year.
The negotiations on bonuses follow Cuomo's initial inquiry into compensation at Wall Street firms.
Efforts to curb bonuses beyond top executives could involve second tier—and possibly third tier—producers for the top firms, sources said. This could include traders, salesmen and bankers who fall below the executive level but still earn the vast majority of their income through yearly bonuses.
And the possibility of recouping bonuses from previous years could involve tens of millions of dollars.
Last year, Goldman CEO Lloyd Blankfein took home nearly $70 million in bonus compensation, a record for a CEO of publically traded investment bank. His two co-presidents, Gary Cohn and Jon Winkelried reportedly were paid close to $68 million each.
More From CNBC.com
—CNBC's Mary Thompson contributed to this report.
Print
Email
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- What do the gifts from the 12 Days of Christmas cost this year, and how do they compare to 2008?
- A conservative author aims to remind readers why capitalism works for the common good.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- A famed author has written all his work on an old typewriter that is now up for auction. The NYT reports.
Data is a real-time snapshot *Data is delayed at least 15 minutes