Subprime crisis drains FX bonus pool
"Several Merrill Lynch employees could see their bonuses cut by between 30% and 50% from last year," said a London-based recruitment consultant. "This is occurring across all operations, including foreign exchange."
The US dealer was hit particularly hard by the credit crisis, suffering a $5.6 billion loss in its fixed-income, currencies and commodities (FICC) business in the third quarter (FX Week, October 29).
"Such dampened bonus packages reflect the difficult challenge many banks face in
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