BofA Merrill Unit Said Lost Millions On Options Error

Merrill Lynch - Oops

Bank of America Merrill Lynch sustained a loss of around $10m last week due to an 'operational error' in the handling of stock option trades known as dividend trades.

The losses, first reported by The Wall Street Journal, are said to have been incurred at the firm's Merrill Pro unit.

In  the meantime, Bloomberg reports that Jefferies Group set a $1m salary for both its chief executive officer and the chairman of its executive committee, along with an annual bonus of as much as $12m.

The sums apply to CEO Richard Handler, and Brian Friedman, who leads the executive committee, for 2013 through 2015, according to a filing from the New York-based investment bank. The pair will also receive as many as 830,140 shares each of restricted stock annually.

Finally, Reuters reports that Knight Capital is not likely to shed any of its major business units after the Aug. 1 trading glitch that cost the market maker $440m, forcing it to take on additional investors to avoid bankruptcy, CEO Thomas Joyce said on Friday.

Bank of America Merrill Lynch loss linked to options error - WSJ

Jefferies Sets $1 Million CEO Pay, Bonus Up to $12 Million

Knight not likely to shed major business units, CEO says

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