Bank of America staff will receive the first portion of their bonus for 2008 next month under the complex deferred compensation system drawn up by the bank to pay its employees.

Bonus pay, which was down on average about 80%, will be paid through a series of deferred vesting periods with staff set to receive the first 6% of the cash payout next month, followed by a set of subsequent cash payments over the next three years, Financial News has learned.