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Thain expected to ask for $10m bonus from Merrill Lynch

John Thain, chief executive of Merrill Lynch, is thought to be demanding a $10m bonus from the firm’s compensation committee despite the investment bank’s poor performance this year.

The Wall Street Journal reports that Thain is set to meet to make the recommendations for himself and other executives today in a conference with the committee.

Apparently no decision has been reached and there is still wide speculation as to what Thain will suggest.

It is thought the board could deny executives their bonuses across the board as has happened at other high profile institiutions over the past few weeks.

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PPI complaints to FOS top 25,000

Walter Merricks, chief ombudsman at the Financial Ombudsman Service says it has received over 25,000 complaints relating to the sale of payment protection insurance since January 2008.

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Given the year we’ve had, nobody was expecting a barrel of laughs at the Council of Mortgage Lenders’ annual conference in central London last week.

Knight saw market crisis coming

Stephen Knight, executive chairman of Checkmate Mortgages, has revealed that fears of a serious market adjustment spurred his decision to give up his former position as chairman of GMAC-RFC in April 2007.

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DB transfer showstoppers

By Jim Grant, Senior Product Insight & Technical Support Analyst Transfers from defined benefit (DB) schemes are a bit of a hot topic just now. In this article we look at a couple of factors that could prevent a transfer from happening Equalisation of pensions Prior to the Barber case in 1990, DB pension schemes typically provided […]

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