View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
February 24, 2009

Thain told to tell all about ML bonuses

By Spear's

Former Merrill Lynch chief executive John Thain has been ordered by a New York court to provide more details about billions of dollars in bonuses handed out by the bank in December, days before its merger with Bank of America.

Former Merrill Lynch chief executive John Thain has been ordered by a New York court to provide more details about billions of dollars in bonuses handed out by the bank in December, days before its merger with Bank of America.

In an investigation led by Attorney General Andrew Cuomo into why Merrill made early bonus payments on 29 December, in a year it reported losses approaching $30 billion, Thain has been ordered to provide more details on the recipients of bonuses, and how payments were determined to the court today.

It is believed some 39,000 employees shared the bonus pool of $3.6 billion, with nearly 700 employees receiving more than $1 million each.

For further details, visit thewealthnet
 

Content from our partners
Why investors should consider investing in nature
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network