Merrill Said to Cut Bonuses by 50% as Revenue Slumps

Merrill Said to Cut Bonuses by 50% as Revenue Slumps

Merrill Lynch & Co. plans to cut year-end bonuses in half after more than $20 billion of losses that forced the U.S. securities firm to sell itself to Bank of America Corp., two people with knowledge of the situation said.

By Bradley Keoun and Jacqueline Simmons

The average bonus reduction will be about 50 percent at the New York-based company, and some traders and investment bankers will face steeper cuts, said the people, who declined to be identified because the plans aren

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