Well this probably makes it harder for Merrill’s John Thain and any other executive hoping to get a big bonus this year…
CNBC’s Charlie Gasparino just reported that Morgan Stanley (MS) CEO John Mack won’t get any bonus this year. He’ll join top Goldman (GS) brass, which early on said they’d forgo bonuses.
There’s a case to be made that Thain performed well, all things considered, but there’s a difference between Merrill on one hand, and Morgan Stanley and Goldman on the other: the latter two still exist. So if those companies aren’t giving bonuses, it’s hard for anyone else to do so.
Meanwhile, it’s been reported that Citi (C) will skip top exec bonuses this year, though there’s nothing official on that. It looks like they’ll be the last of the major financials to make that call. The one company that had to double dip into the TARP will waive bonuses with all the speed of someone going to a root canal.