Bank of America plans big pay hike for investment bankers


Bank of America Corp. (BAC) may take American International Group Inc.'s (AIG) position as the financial institution Americans love to hate most. Then again, with word coming that the AIG bonuses may have been larger than expected, the insurance company could prove tough to beat.

According to Bloomberg News, Charlotte-based BofA "plans to increase some investment bankers' salaries by as much as 70 percent following the takeover of Merrill Lynch & Co., people familiar with the proposal said." This is the same bank that got $45 billion in support from the federal government.