Site last updated: Saturday, October 24, 2026

Log In

Reset Password
Butler County's great daily newspaper

Merrill bonuses: Who got what?

NEW YORK — The New York attorney general's office has subpoenaed Bank of America seeking the names of Merrill Lynch executives who received $3.6 billion in year-end bonuses, after Chief Executive Ken Lewis failed to provide those details during a lengthy deposition Thursday evening.

Lewis, who traveled to New York on the company's corporate jet, said that he "answered the questions that were asked to the best of my knowledge."

Lewis' deposition was part of an ongoing investigation by New York Attorney General Andrew Cuomo into the timing of Merrill Lynch's bonuses and whether proper disclosure was made to shareholders about the size of the bonuses. They were granted just before Bank of America's acquisition of Merrill closed, and as that bank was seeking additional government aid on top of $25 billion it had already received.

Attorney General Andrew Cuomo is "disappointed and frustrated" that Lewis has not cooperated in providing the information, said special assistant Ben Lawsky following the meeting, but he stopped short of saying the discussions had been contentious.

Bank of America has repeatedly said Merrill Lynch was an independent company last year, and its board of directors had ultimate approval over how much to pay employees.

More in Business

Subscribe to our Daily Newsletter

* indicates required
TODAY'S PHOTOS