July 16, 2009

Some big banks that have received government bailouts in the U.S. and Britain are offering handsome pay packages to lure stars and reverse last year's steep losses.Bank of America Corp. recently hired a top bond salesman with a guaranteed two-year deal valued at about $6 million for the first year, people familiar with the matter say. Citigroup Inc. offered nearly $2 million in an attempt to recruit a top brokerage executive.

And Royal Bank of Scotland Group PLC, Britain's largest recipient of government bailout funds, is offering pay packages to lure or retain some people that are at or above the industry's peak pay in 2007, people familiar with the deals say.The offers come in the wake of an uproar about lofty pay packages in the financial world. Some strong banks such as Goldman Sachs Group Inc. are ramping up pay amid big profits.