From CNNMoney.com:
NEW YORK (CNNMoney.com) — Bank of America spent $4.4 billion last year on its Wall Street bankers , according to a person familiar with the matter.
The nation’s largest bank used 19% of the $23 billion in revenues it generated in 2009 within its markets and investment banking businesses to pay workers’ salaries benefits as well as year-end bonuses.
That works out to an average of about $440,000 per employee. The bank has roughly 10,000 workers in its markets and investment banking units.
Bob Stickler, a spokesman for Bank of America (BAC, Fortune 500), would not confirm the figures, although he said that the company tried to walk a fine line when it structured worker pay this year.
“We are trying to balance the need to pay competitively and to respond to concerns about the level of compensation on Wall Street,” said Stickler. Link to article…