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Bank of America salaries cut

Bank of America has been forced to cut the salaries of two senior executives after a review by the White House pay czar Kenneth Feinberg. Chief financial officer Joe Price and mortgage unit president Barbara Desoer will both earn salaries of $500,000 in 2009, compared to $800,000 last year. The bank is under review after receiving $45bn in bailout funds from the US government’s financial rescue package.