President Barack Obama's pay czar has pay for executives at prominent bailed-out firms to be cut by 15%.
Kenneth Feinberg said 119 executives at AIG, Chrysler, Chrysler Financial, General Motors and its troubled former finance arm GMAC would see their cash rewards slashed by a third and their total pay cut by 15% compared with last year.
All five firms received taxpayer money to stay afloat during the financial crisis, which continues to weigh on US economic recovery.
Feinburg also sent a letter to more than 400 firms who received government bail-outs before February 2009, asking them to disclose details of the top 25 executives receiving annual pay of more than $500,000.
The firms include American Express, AIG, Bank of America, Chrysler, Morgan Stanley, Citigroup, General Motors, JP Morgan Chase, the Bank of New York Mellon and Wells Fargo.
It is the latest in a series of pay cuts ordered by the Obama administration, which has denounced the culture of paying large executive bonuses at failing firms. Critics say the pay limits at bailed-out firms stop them from attracting top talent.
In a statement announcing the 2010 measures, the Treasury Department - where Feinburg is based - said 84% of the executives included in last year's rulings remain at their firms.
