head of strategy is expected to depart once
Bank of America
takes over the securities firm and could leave with more than $10 million in compensation, the
Wall Street Journal
Peter Kraus won't be included in a broader announcement expected as soon as this week about which top executives are staying once the purchase is completed by year end, the
reports, citing people familiar with the matter. Because of the takeover, terms of Kraus's contract have changed and will trigger the exit payment. Kraus was owed this money and would have collected it eventually had he stayed with Merrill. He could leave with as much as $25 million, the newspaper reports.
Kraus, a former Goldman Sachs executive who started at Merrill in early September, was recruited by John Thain, the CEO of Merrill.
Of the 61,000 employees at Merrill, thousands are likely to lose their jobs as part of the deal with Bank of America, the
This article was written by a staff member of TheStreet.com.