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Spotlight On Merrill Lynch Bonus Pool In Asia – Report
Nick Parmee
17 March 2009
Merrill Lynch is facing pressure to disclose the size of its bonus payments to 50 Asia-based managing directors, according to a report in the Financial Times. The demand was made in the course of a Hong Kong tribunal case brought by Jon Pratt, a former Merrill Lynch banker who is challenging the amount of his 2008 bonus. “The parties would need to seek disclosure of the bonus payments by the company to its employees,” the presiding officer told a bank executive before ordering that the claim be transferred to the Court of First Instance. Mr Pratt, now back in the US, is contesting his discretionary bonus of $350,000 for 2008 and has demanded an additional $500,000-$1,000,000.