Peter Kraus, who picked up $25m (€18m) for three months work at Merrill Lynch, is entitled to a $6m cash bonus next year and nearly $50m in restricted stock, which vests over five years, in his new role as chairman and chief executive of fund manager AllianceBernstein.

AllianceBernstein said in a filing with the US Securities and Exchange Commission that Kraus will be paid an annual base salary of $275,000 and will be entitled to receive a 2009 cash bonus of $6m.