BREAKING: Cuomo Seeks Detailed Information Regarding Bonus Allocations From Eight Of The Nation’s Largest Financial Institutions

New York State Attorney General Andrew Cuomo today sent letters to Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, State Street and Wells Fargo seeking a wide range of information about their 2009 compensation practices.

Among other things, the letter seeks information on bonus pools for 2009, each bank’s bonus program, a description “of the process by which the bonus pools were or will be allocated and distributed,” the total value of 2009 bonuses awarded, and names of compensation consultants retained as part of the 2009 compensation process.
 
More to follow....