Fast Payday For Merrill's Kraus

The latest in the class of short stints and big windfalls:

WSJ: As Merrill Lynch & Co. thins its ranks by thousands of jobs as part of the securities firm’s takeover by Bank of America Corp., one recent hire is likely to leave with more than $10 million in compensation, according to people familiar with the situation.

Peter Kraus, head of strategy at Merrill, won’t be included in a broader announcement expected as soon as this week about which top executives are staying once the purchase is completed by year end, these people said. As a result of the takeover, terms of Mr. Kraus’s contract have changed and will trigger the exit payment. Mr. Kraus was owed this money and would have collected it eventually had he stayed with Merrill, one person familiar with the contract said. He could leave with as much as $25 million.

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