More Videos
- GM's Agreement to Sell Saab Unit Falls Apart
- Consumer Confidence Improves but Still Shaky
- US Home Prices Up 5th Month, 2nd Straight Quarter
- FDIC Fund Falls into The Red, Bair Urges Lending
- Ron Paul's Plan to Audit Fed a 'Serious Attack': Mishkin
- Strong Banks, Weak Credit: Treasury Rethinks TARP
- Price War Brews Between Amazon and Wal-Mart
- Buyers Look For Bargains At Luxury Condo Auction
- Blog: Behind The Scenes With Warren Buffett
- Silicon Valley and Hollywood Now Fast Friends
- Markets Can Rise 5-10% in the Near-Term: Strategist
- Busch: The Debt-Interest Rate Paradox
- The Lloyd's Prayer, Leggo My Eggo, Plate Hate & Your Emails
- Buy These 'Competitively Positioned' Stocks: Portfolio Manager
- Behind The Scenes With Warren Buffett
- 'Why the American Consumer Will Keep on Buying No Matter What'
- On Assignment: Europe & Asia
- The L.A. Extravaganza: A Test for Auto Shows
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- US Home Prices Up 5th Month, 2nd Straight Quarter
- GM's Agreement to Sell Saab To Swedish Firm Falls Apart
- Buyers Look For Bargains At Luxury Condo Auction
- FDIC Fund Falls into The Red, Bair Urges Lending
- Revised GDP Reading Puts Growth at 2.8%; Inflation Tame
- Weak Dollar Is Golden for Mining Companies
- Behind The Scenes With Warren Buffett
- CA "More Profitable" After Saving Energy: CEO
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
- Remember when auto shows were major events where new models could generate buzz?
- A diet high in fat and sugar might actually be good for your portfolio.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- One shopper explains why he gets up at 3am on the day after Thanksgiving to go shopping every year.
- From the AIG&T to the Merrill Lychee, Jane Wells lists this year's holiday cocktails.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes