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Merrill to Slash Bonuses 50%

Still facing the fallout from the sub-prime meltdown, the firm slashes pay for 60,900 employees

By Jim O'Neill, Newser User

Posted Dec 3, 2008 7:35 AM CST

(Newser) – 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... Read full story »

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Merrill to Slash Bonuses 50%

Still facing the fallout from the sub-prime meltdown, the firm slashes pay for 60,900 employees

executive compensation • Merrill Lynch • John Thain • bailout • financial crisis

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More Newser Stories

BofA Knew of Merrill's $4B Bonuses

Private bonus agreement backs up Thain's claim that Bank of America was aware of payouts

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

Ousted Thain to Repay $1.2M Spent on Office

Lush renovation was a 'mistake,' says ex-Merrill CEO

Bailed-Out Bank Execs Made $1.6B Last Year

Execs made average of $2.6 million; Merrill Lynch CEO made $83 million

Merrill CEO Backs Off $10M Bonus Request

Wall Street climate pressures Thain to forgo year-end check

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