Bank Of America (BAC) Defers Some Bonuses Until 2010

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By Douglas A. McIntyre Updated Published
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Cammonopoly_wideweb__430x3250Bank 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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