Bank of America Plans a 70% Increase in Bankers’ Salaries

Bank of America (BAC) plans to increase some investment bankers’ salaries by as much as 70 percent following the takeover of Merrill. BofA  may raise the annual base pay for some managing directors to about $300,000 from $180,000. Salaries for less-senior directors would climb to about $250,000 from $150,000, and vice presidents would get $200,000, up from about $125,000. Final numbers are still under discussion, according to Bloomberg.