• 12 Feb 2009 at 9:16 AM

Bonus Watch ’09: BAC

By Bess Levin

Did Bank of America change its IB bonus payout schedule? Maybe! According to one young man lucky enough to work under the tutelage of Ken Lewis (and in the reflected glow of Angelo Mozilo) Bank of Amerillwide will be “spreading bonuses for 2008 across six successive quarter-ends beginning this March.” The new plan will supposedly replace the previously announced multi-year one, which was surprisingly met with little support. This is the first we’ve heard of the thing, so if anyone has more information they’d like to get of his or her chest, let us know.

Comments (12)

  1. 1
    Posted by guest | February 12, 2009 at 10:07 AM

    This is cutting edge rumor mongering. Please let this be true.

  2. 2
    Posted by guest | February 12, 2009 at 10:13 AM

    BAC has become the poster child for Federal dumps for companies – thank Countrywide and Merrill.
    Ken Lewis should be asking for federal assistance to pay his workers……..

  3. 3
    Posted by guest | February 12, 2009 at 10:13 AM

    BAC has become the poster child for Federal dumps for companies – think Countrywide and Merrill.
    Ken Lewis should be asking for federal assistance to pay his workers……..

  4. 4
    Posted by guest | February 12, 2009 at 10:19 AM

    I would pay to see Maxine Waters interrogate Joaquin Phoenix.

  5. 5
    Posted by guest | February 12, 2009 at 11:55 AM

    bess please confirm more info on this.

  6. 6
    Posted by guest | February 12, 2009 at 2:11 PM

    Real Talk.

  7. 7
    Posted by guest | February 12, 2009 at 8:35 PM

    deferred cash will now be accelerated. confirming six equal quarterly payments starting march 31, 2009. it’s all true!

  8. 8
    Posted by guest | February 12, 2009 at 10:24 PM

    NEW YORK -(Dow Jones)- Bank of America Corp. (BAC) reversed course on a controversial decision to defer 2008 bonus payments for some investment banking staff. The bank’s change of plan is designed to limit discontent amid a rocky integration with newly acquired Merrill Lynch.
    The Charlotte-based bank is telling some employees in various businesses across the bank that a portion of their bonuses will be paid out over six quarters. That change significantly shortens a previous plan that would have deferred bonus payments to some employees over a period of time that stretched through 2012.

  9. 9
    Posted by guest | February 12, 2009 at 10:28 PM

    And you can thank:
    -By Joe Bel Bruno, Dow Jones Newswires; 201-938-4047; joe.belbruno@ dowjones.com
    (END) Dow Jones Newswires
    02-12-09 1811ET
    Copyright (c) 2009 Dow Jones & Company, Inc.
    Top of page

  10. 10
    Posted by guest | February 12, 2009 at 10:34 PM

    @9- we can thank him for ripping off DealBreaker?

  11. 11
    Posted by guest | February 12, 2009 at 10:39 PM

    dealbreaker scoops msm once again.

  12. 12
    Posted by guest | February 12, 2009 at 11:01 PM

    @9- what exactly would we be thanking him for, getting the story 12 hours after DB?

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