LIZ PEEK

Boutique Banks May Benefit From Big Bank Layoffs

By LIZ PEEK | May 8, 2008

A longtime Merrill Lynch employee, who did not want his name used, arrived home recently from a vacation to find a letter containing an offer he could not refuse. The missive laid out the details of the “Selective Resignation Program,” which invited Mr. Smith to pack it in after his many years of service. The clincher? For approximately $100 a month each for the rest of their lives, adjusted for inflation, the employee and his wife would continue to enjoy their current medical benefits.