Merrill Said to Cut Bonuses by 50% as Revenue Slumps

Dec. 3 (Bloomberg) -- Merrill Lynch & Co. plans to cut year- end bonuses in half after more than $20 billion of losses that forced the U.S. securities firm to sell itself to Bank of America Corp., two people with knowledge of the situation said. The average bonus reduction will be about 50 percent at the New York-based company, and some traders and investment bankers will face steeper cuts,... [more]

Dec. 3 (Bloomberg) -- Merrill Lynch & Co. plans to cut year- end bonuses in half after more than $20 billion of losses that forced the U.S. securities firm to sell itself to Bank of America Corp., two people with knowledge of the situation said. The average bonus reduction will be about 50 percent at the New York-based company, and some traders and investment bankers will face steeper cuts, said the people, who declined to be identified because the plans aren't public. While employees won't find out their bonuses until later this month, division managers are being told now how much they'll get to distribute. http://www.bloomberg.com/apps/news?pid=20601087&sid=aqSGYyeo7e4g&refer=home So, 30,000 fewer jobs with the remaining ones earning 50% less. Where are the Irish carpenters? [less]