Beleaguered investment bank Merrill Lynch has paid more than $10 million in cash and stock to its eleven top executives last year, says a media report.
Merrill which has been taken over by the Bank of America, has been severely hit by the ongoing economic turmoil. The entity posted a loss of nearly $28 billion in 2008.
"While Merrill staggered, 11 top executives were paid more than $10 million in cash and stock last year," The Wall Street Journal reported quoting people familiar with the situation.
An additional 149 people received $3 million or more, the report said.
"As bad as 2008 was for Merrill Lynch & Co, it was very good for Andrea Orcel, the firm's top investment banker. Although Merrill's net loss ballooned to $27.6 billion last year, Orcel, 45 years old, was paid $33.8 million in cash and stock, just shy of his pay in 2007," it added.
In December last year, Merrill's then hairman and CEO John A Thain and four other top executives had decided not to take any bonus for 2008.
"Each of the four executive officers of Merrill Lynch, president and chief operating officer Greg Fleming, chief financial officer Nelson
Chai, president of global wealth management Robert McCann, and general counsel Rosemary Berkery had requested that they also receive no bonus for 2008," the firm had said.
