Merrill Lynch, Bonus | featured news

The embattled chief executive, under pressure over the disclosure of losses and bonuses at Merrill Lynch, told the board on Wednesday that he planned to retire, people briefed on the situation said.

The Securities and Exchange Commission filed charges Monday against Bank of America for misleading investors about billions of dollars in bonuses paid to top executives at Merrill Lynch following its purchase of the brokerage giant.

The New York attorney general's office on Wednesday subpoenaed seven former Merrill Lynch & Co. executives as part of its ongoing investigation into the timing of year-end payments made to executives at the investment bank.

New York's attorney general is moving to force former Merrill CEO John Thain to discuss details about bonuses paid to employees before the company was sold to Bank of America.