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Bonus Watch '09: BAC
Dealbreaker —
... Oh, this is going to chap some Bank of Amerillwide hide. The FT reports that the firm plans to defer bonus payments to capital markets and investment bank employees this year, though a spokesman for BoA claimed he wasn't aware of the news. The policy will affect payments of $50,000 or more, with staff that was supposed to receive cash-money next month waiting until February 2010 to get the first third of its bonuses, and the remaining two-thirds in 2011 and 2012. ...
BofA bonus deferral anger
FT Alphaville —
Bank of America is planning to defer bonus payments to investment banking staff this year – a move certain to inflame tensions between its employees and those of newly acquired Merrill Lynch. Andrew Cuomo, New York attorney-general, is investigating Merrill’s decision to accelerate the payment of nearly $4bn in bonuses – mostly in cash – to its employees, just days before its sale to BofA on Jan 1. With that probe under way, BofA was expected to tell investment banking staff on Thursday it would defer 2008 bonuses of $50,000 or more, say executives familiar with the decision. ...
Bank of America Bonuses Deferred
Trader Daily Combined Feed —
... or more, according to executives familiar with the decision. BofA employees, who normally receive their 2008 bonuses in February, will be paid the first third of that sum in February 2010, with the remaining thirds paid in 2011 and then 2012, the executives said.
When asked about those details, BofA said: “We traditionally don’t comment on our compensation plans, particularly in advance of sharing details with our associates. Your story is not entirely accurate.”
Continue reading on FT.com
Bonus Bummer
Manhattan Real Estate: New York City Real Estate Tips —
... of Wall Street firms declined 44 percent last year amid record losses in the securities industry, state Comptroller Thomas DiNapoli reported today.
Financial firms disbursed $18.4 billion compared with $32.9 billion in 2007, DiNapoli’s office calculated, basing its estimate mainly on personal income-tax collections. While the decline represents the most ever in total dollars, the bonus pool remained the sixth-largest ever, the comptroller said in a yearly report.
BofA Bonus Deferral Anger Bank of America is planning to defer bonus ...
