Bank of America Merrill Lynch last year halved how much it awarded its best-paid director at its London subsidiary, in a year when the division made a $1.1bn net loss.

Merrill Lynch International, the UK-based unit that accounts for the majority of its European business, slashed the pay packet for its highest-paid director from $8m in 2010 to $4m in 2011, according to accounts filed with Companies House this week.