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Merrill boss puts in plea for £6m bonus
Robert Lea8 Dec 2008
The boss of Merrill Lynch, the Wall Street securities giant bailed out by Bank of America at the height of the banking crisis, is demanding a $10 million (£6.7 million) bonus - because he managed to save Merrill from going bust.
The board of Bank of America has had proposals from Merrill directors and Thain himself calling for him to get a bonus for 2008 - the worst year in the financial services market since 1929s.
Thain argues that he had only been in the top job at Merrill for a year, he cleared up much of the mess he inherited, and he had salvaged the bank and some of the investments of its shareholders by arranging the deal, which saw it give up its near-100-year independence.
While some at Bank of America agree with him, others believe any such payment would be insensitive.
Tens of thousands of Merrill staff are ultimately expected to lose their jobs while other banks, notably Goldman Sachs, say they will not be paying any bonuses for 2008.
Reader views (1)
So he wants a bonus for doing his job ?
Someone tell him that he isn't a Civil Servant !
- Cap, london, 08/12/2008 17:54
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