Merrill Lynch & Co. will give its new global sales and trading executive Thomas Montag a 2008 bonus of $39.4 million, according to a regulatory filing.
Montag, 51 who was formerly co-head of global securities trading at Goldman Sachs, was named to his new position at Merrill on Monday but he will join the firm in August.
The payment will be made in January 2009 in cash and stock compensation. His annual salary will be $600,000.
On average, the executive will earn an about 400,000 a day.
Montag worked for Goldman for 22 years. In joining Merrill he becomes one of the best paid executives on Wall Street.
Other highly paid executives include Goldman Sachs CEO Lloyd Blankfein, who was awarded about $68.5 million in fiscal year 2007. Lehman Brothers' chief executive Dick Fuld received $22 million.
Shares of Merrill Lynch closed up 0.61 percent to $52.71 a share in the New York Stock Exchange on Friday.