The mortgage mess keeps wreaking havoc on Wall Street. Fixed-income bonuses at Merrill Lynch (MER) will drop 40 percent from a year ago on average, Bloomberg reported Monday, as new CEO John Thain seeks to steer the firm past this fall’s bond market meltdown. The bonus cuts will be steepest for traders in mortgage bonds and collateralized debt obligations, the risky debt whose collapse led to an $8 billion writedown at Merrill last quarter and cost former chief Stan O’Neal his job. Corporate bond and interest rate traders will see their bonuses cut as well, the report indicates.
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