Merrill Lynch, facing losses of $13.3 billion this year and with revenues off 96% from a year ago, will slash year-end bonuses at least 50%, Bloomberg reports. Some employees may face steeper cuts. Merrill and Bank of America, which agreed to acquire the failing investment bank earlier this year, received $25 billion from the federal rescue fund.
Without any bonuses, Merrill is on track to pay its 60,900 employees an average of $184,00 this year, compared to $248,000 last year. The company’s revenue through September was $834 million, down from $19.4 billion last year.