Chief Financial Officer
David Viniar said in a conference call the bank would exhibit
"restraint" in payments to employees, given the rough economic climate,
The New York Times reported Thursday.
The bank is trying a humbler approach to bonus checks that rankle in
Washington and on Main Street given unemployment of 10 percent and the
taxpayers' role in bailing out the banks that helped pump up the
collapsed real estate bubble that pushed the economy into recession.
In each quarter of the year, the bank decreased the ratio of pay to
revenue from 50 percent in the first quarter to 48 percent in the
second and 43 percent in the final two quarters of the year. It also
gave $500 million of its compensation reserves in the final quarter to
charities and programs for small businesses.
In December, it said its top 30 executives would be given bonuses in stock
that could not be redeemed for five years, a gesture meant to encourage
job retention and increase employee concern for the company's long-term
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