Fox Business Network: Merrill Lynch Employees Are "Paying For The Woes Of Bank of America" In Their Bonuses

FOX Business Network (

) Senior Correspondent Charlie Gasparino reports “Merrill Lynch is essentially paying for the woes of Bank of America” in terms of bonuses for 2011. Gasparino said employees of Merrill Lynch are “getting lower bonuses” as a result of Bank of America's financial difficulties this year. Sources inside the firm tell Gasparino that bonuses are down “about total 40%” year-over-year. Excerpts from the report are below, courtesy of Fox Business Network.

“Merrill Lynch has been doing very well but Bank of America has not been doing very well. Right now it's bonus season and inside Merrill Lynch they are getting lower bonuses. A lot lower. We are talking about a year-over-year decline of about total 40%. When you break it down it looks even worse; the fixed income department, down 60% year-over-year. Sources inside the firm say the equities department is down 40% and even in the private client division, the brokers, when they are getting bonuses, are getting a lot less, down something like 17%. People inside Merrill Lynch want to be spun off from the larger bank. Merrill Lynch is essentially paying for the woes of Bank of America. They find out the bonus range in January, and get their checks in February.”