Merrill Lynch bonuses to buy smaller holiday trimmings

Some Merrill Lynch & Co. bankers will be purchasing smaller stocking stuffers this year as Bloomberg reported Monday that the New York investment bank will cut bonuses for fixed-income managers by 40%. The bonus reductions are attributed to Merrill Lynch's $2.24 billion loss in the third quarter from its heavy investments in the subprime market.

Ultimately, the mortgage wreckage was so bad that Stanley O'Neal was ousted from his CEO position in November. O'Neal's replacement John Thain conveyed to Bloomberg what seemed to be the company line: High performers will be rewarded, and those that underperformed will see their year-end payouts trimmed. — Gerald Magpily

See Bloomberg article
See TheDeal.com: Thain to take over at Merrill
See TheDeal.com: Merrill's O'Neal steps down

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