Bank of America had struck an agreement with Merrill Lynch to pay employees of the latter up to $5.8 billion in bonuses weeks ahead of schedule on 29 December, according to reports in the Wall Street Journal.
Bank of America had struck an agreement with Merrill Lynch to pay employees of the latter up to $5.8 billion in bonuses weeks ahead of schedule on 29 December, according to reports in the Wall Street Journal.
Rumours had circulated that Bank of America did not know about the December bonus payment, which eventually resulted in outgoings of some $4 billion to Merrill employees before the takeover closed.
According to the wall Street Journal, as well as the $5.8 billion cap, the two sides also agreed that the bonuses should be rewarded 60 percent in cash and 40 percent in equity or long-term cash awards.
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