BofA bankers are likely to get bonuses in line with ’07 levels

Published 4:00 am Friday, January 8, 2010

NEW YORK — Investment bankers at Bank of America Corp. will likely get bonuses close to what they got in 2007 as the bank tries to retain key employees following its takeover of Merrill Lynch, The Wall Street Journal reported Thursday.

Citing people familiar with the situation, the Journal reported that Bank of America bankers are expected to get 2009 bonuses equal to 2007 levels, with about 25 percent in cash and the rest as deferred payments of stock or cash tied to the company’s performance.

Merrill paid out $5.8 billion in year-end bonuses in 2007, the Journal said. It said the size of Bank of America’s bonus outlay could not be determined.

Bank of America spokesman Robert Stickler, in a response to a request for comment on the Journal story, said “nothing has been decided” in terms of the bank’s 2009 bonus policy.

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