Merrill Lynch paid out bonuses at the end of December, days before its deal to be taken over by Bank of America closed on January 1. Merrill usually pays bonuses at the end of January or in early February. Merrill's 2008 compensation pool was $15bn, 6% less than in 2007. Bank of America announced on January 16 that Merrill Lynch had lost $15.3 bn in the fourth quarter.