Merrily paid

THE TWO men who served as chief executives for Merrill Lynch, the US investment bank, during 1992 were each paid dollars 7.4m ( pounds 5.1m), according to a preliminary proxy statement issued by the company. They were William Schreyer, who was chairman and chief executive through to April 1992, and Daniel Tully, president and chief executive since May 1992.

The remuneration to each man was paid after the company achieved a record rise in earnings. It is made up of dollars 5.2m in salary and cash bonuses, and dollars 2.2m in a long-term equity incentive package, which includes restricted shares and units, and stock options. Merrill Lynch said the compensation was tied to performance.