Stan O'Neal will leaveMerrill Lynch with stock options, unvested shares, deferred compensation, pension payments and other benefits worth about $160m, according to compensation experts and a review of public documents.

Mr O'Neal, 56, is officially retiring from the bank, meaning he is entitled to receive all the shares he has accrued during his 21 years of service, provided he does not compete with Merrill for 18 months and meets other requirements.