John Thain, CEO for Merrill Lynch, was reported on early Monday to have requested 10 million dollars in bonuses for his service to Merrill Lynch. Later that same day Thain withdrew his request for the bonus.
The annual salary earned by John Thain is an estimated $750,000. For signing with Merrill, he received a bonus of 15 million dollars and was also promised a pay package worth somewhere between 50 and 120 million dollars in a span of several years.
Merrill Lynch has sold itself to Bank of America for 50 billion dollars to prevent itself from collapsing, which would lead to further losses for the company. Many companies are doing away with year's-end bonuses due to a struggling economy.