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.
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