Merrill Lynch, frightened by the unending flood of people out of its doors, is planning on setting 2009 compensation levels back up to 2007 levels, according to a person familiar with the matter. Executives at the investment bank have been in talks with senior people at Bank of America, warning that the entire franchise could fall apart if compensation levels don’t match those offered by, say, Citigroup. Last week, Citigroup revealed it would be paying 2007 compensation by raising salaries to make up for lower bonuses.
But don’t go putting a downpayment on that Tribeca condo yet, Merrillistas. The situation remains fluid, and pressure from Charlotte and Washington DC could result in a reversal of these plans. None of this was confirmed with Merrill.
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