While several banks said that its top executives would skip bonuses this year or its compensation pool was smaller this year than in past years, all indicated that some end-of-year compensation was in the works.
When asked how much the banks were paying out in bonuses and whether TARP funds would be used to finance them, most of the banks did not make such a declaration.
"Incentive compensation not yet allocated," was as far as JP Morgan Chase, which received $25 billion from TARP, would go.
Bank of America, which got $15 billion from TARP, said only, "Have reduced the incentive targets by more than half. Final awards have not been determined."
State Street Bank ruled out using TARP to reward its top officers.
"Will not use any of the proceeds from the TARP Capital Purchase Program to fund our bonus pool or executive compensation," the bank insisted.
Cannon said the banks are being very conservative with their money.
After reviewing the statements the banks provided to ABC News he said, "The banks are expressing good intention in line with the good intention of the program. However, the answers from the bank belie the current challenge; the economy is deteriorating rapidly and making good loans, with strong underwriting into an economy that is falling apart is very difficult."
ABC News' MaryKate Burke contributed to this report.
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