Bank of America shareholder wants Merrill Lynch bonuses returned

By Lisa Kerner

Charlotte, N.C., April 7 - Bank of America Corp. shareholder CtW Investment Group demanded that the company "claw back" all 2008 Merrill Lynch bonuses of $1 million or more that were part of a total package of $3.6 billion in bonuses paid to Merrill Lynch employees in December.

According to a Tuesday letter to Bank of America from CtW, 696 Merrill Lynch employees received bonuses of $1 million or more, including $858 million paid to the top 149 recipients alone.

The awards were made despite Merrill Lynch's more than $27.6 billion in losses in 2008, making it appear as though the company violated its pay-for-performance plan, the letter said.

As previously reported, in March CtW urged fellow shareholders to vote against chairman and chief executive officer Kenneth Lewis, governance committee chair Thomas Ryan and lead director O. Temple Sloan at the Charlotte, N.C., bank's annual meeting on April 29.

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