BofA Said to Cut Bonuses for Rates Traders at Least 15%
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Bank of America Corp., the second-largest U.S. lender, cut the bonus pool for interest-rate traders by 15 percent to 20 percent as revenue fell, said two people with direct knowledge of the matter.
Senior traders probably got larger percentage drops than lower-paid personnel, according to the people, who asked not to be identified because the awards are confidential. Employees across the Charlotte, North Carolina-based company’s trading units were told the size of their 2013 bonuses last week and will be paid Feb. 14, the people said.