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WSJ: BofA Investment Bankers To Get More Cash

The Wall Street Journal reports that Bank of America's top investment bankers will get more cash when bonuses are doled out. A lot more cash. Bonus cash will go from 5 percent of payments, to as much as 30 percent for investment bankers who make $5 million-plus a year, the WSJ reports. The remaining portion of bonus payments are paid in deferred stock. BofA can make the change because it's paid off the $45 billion in federal TARP funds. Last year, the amount of cash in BofA bonuses was still restricted by conditions of accepting the TARP money. European banks are grumbling because the European Union has tighter regulations on bonus pay. They say they've been losing top employees to competitors. Adds a banker with Tokyo-based Nomura Holdings: "It's not a level playing field." Read the rest of the story here.