ABC News' Survey of 16 TARP Banks
Banks respond to ABC News' questions about their use of TARP money.
Dec. 17, 2008 — -- Below are summaries of statements from 16 of the banks that received TARP (Troubled Asset Relief Program) funds that ABC News surveyed.
Each bank was asked:
How has your firm used the TARP money to date?
What is the total amount your firm has decided to allocate to bonus and incentive pay this year? How does it compare to the 2007 bonus/incentive pool?
Citigroup ($25 billion)
Will help expand the flow of credit in the U.S. economy.
Formed a Special Committee made up of senior executives responsible for overseeing, approving and monitoring how the TARP funds are used.
Continues to make targeted consumer/commercial loans and is focusing on helping eligible, distressed borrowers stay current in their credit card payments and to stay in their homes whenever possible.
Citi's board of directors will decide about the structure and level of compensation after the end of the year.
Will not use TARP funding for compensation.
JPMorganChase ($25 billion)
Using TARP funding to date to support our consumer, commercial, municipal and nonprofit clients.
Incentive compensation not yet allocated.
Wells Fargo ($25 billion)
Scheduled to release our fourth-quarter earnings in January 2009 and cannot provide any forward-looking guidance on lending for this quarter.
Intends to use the Capital Purchase Program funds to make more loans to credit-worthy customers and find solutions for our mortgage customers who are late on their payments or who face foreclosure.
Capital Purchase Program funds will not be spent on executive compensation. Wells Fargo doesn't need the government investment to pay for bonuses or compensation. Per usual, it's up to our board of directors to decide about annual bonuses.
Bank of America ($15 billion)
Added TARP money to general capital in order to make more loans.
Have reduced the incentive targets by more than half. Final awards have not been determined.
Goldman Sachs ($10 billion)
Goldman Sachs has used its capital, which includes the TARP funds, to promote client activity in the capital markets.
