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Bank of America (BAC) is forcing a number of employees in its investment banking operation to defer their bonuses to 2010 and beyond.
After all the trouble due to Merrill Lynch paying out bonuses before BAC took over, the move obviously being done to make the bank look good to regulators and sharesholders. Since that is not secret, why bother?
According to the FT, "B of A employees, who would normally receive their 2008 bonuses in February, will have to wait until February 2010 before getting one-third of their 2008 bonus, the executives said. The remaining thirds will be paid out in 2011 and then 2012."
Douglas A. McIntyre
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