More Executive Bonus News

More bank executives are to work without a bonus in 2008, as Merrill Lynch and Morgan Stanley both came out this week with details of their comp plans for top dogs.

Here's the Merrill Lynch statement:

NEW YORK, December 8, 2008 -

At today's scheduled Merrill Lynch & Co. Inc., board meeting John A. Thain, chairman and CEO, requested that he receive no bonus for 2008. Each of the four executive officers of Merrill Lynch, President and COO Greg Fleming, Chief Financial Officer Nelson Chai, President of Global Wealth Management Robert McCann, and General Counsel Rosemary Berkery requested that they also receive no bonus for 2008. Mr. Thain and the other executive officers believe this is the appropriate recommendation to the board for the Merrill Lynch shareholders and Merrill Lynch employees given current economic and market conditions.

John D. Finnegan, chairman of the Merrill Lynch Management, Compensation and Development committee said, 'The Board accepted Mr. Thain and his management team's request and applauded the Thain-led management team's superb performance in an exceptionally challenging environment''.

And Morgan Stanley CEO John Mack has told staff that he will not take a bonus again this year (he give up his bonus in 2007 too). Firm co-Presidents Walid Chammah and James Gorman will also make do with their base salary this year.

Finally, The Wall Street Journal reports that Wachovia CEO Robert Steel, the man appointed this year to sort out the bank (and merged it with Wells Fargo), will also to take no bonus for 2008.

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