MSM: Fannie Mae chiefs in line for huge bonuses

Fannie Mae will pay its top executives retention bonuses of up to $611,000, the state-controlled mortgage lender and guarantor revealed yesterday amid the furore over compensation at AIG.

Four largest TARP recipients spent billions on ‘questionable transactions’: memo

Rather than using federal bailout money to reinvigorate lending to consumers, some banks that received funds from TARP have spent it on questionable items that have done little to improve the health of the country’s financial sector but have certainly helped out foreign economies such as Dubai and China.

MSM: US bank giant plans 11% jobs cut

Bank of America has said it plans to cut between 30,000 and 35,000 jobs over three years following the completion of its takeover of Merrill Lynch.

The reduction could affect about 11% of the combined firms’ 308,000 workforce.

MSM: banks set to cut 30,000 jobs

Up to 20,000 jobs look set to be lost as a result of the imminent merger of Merrill Lynch and Bank of America, as a further 10,000 job losses were announced across the investment banking fraternity.

Although restructuring teams working across both Merrill and BoA are still deciding on final headcount reductions, it is understood that the cuts will come through reducing overlap between the two institutions – in particular in areas such as technology and support services.