Daily Archives: March 5, 2009

John Gapper

The case of Andrea Orcel’s bonus is interesting, and not merely to Andrew Cuomo, the New York attorney general who has issued a subpoena to the Merrill Lynch banker in his inquiry into the bonuses that Merrill paid before being swallowed up by Bank of America.

Mr Orcel, who is in charge of international corporate and investment banking for Bank of America, gained a bonus of $33.8m for his work for Merrill in 2008. In 2007, his bonus of $38m included a one-time fee of $12m for working on Royal Bank of Scotland’s disastrous €71bn consortium bid for ABN Amro. Read more