This might shed a little more light on yesterday's defection of Greg Fleming and Monday's resignation of Bob McCann. It seems that they weren't interested in becoming "Toaster Salesmen", as the thundering herd has come to regard their new parent company. This is a detailed and very well written article guys. Check it out:
http://www.bloomberg.com/apps/news?pid=20601109&s…
“They see the writing on the wall,” says Paul Miller, a banking analyst at Friedman, Billings, Ramsey Group Inc., who rates Bank of America’s shares a “sell.” “Ken Lewis is a good retail banker, but he’s never liked Wall Street, and these guys see that there’s no way Merrill’s culture will survive under B- of-A.”
Soooo.....Any of you Merrill guys getting happy feet?
This merger does not look like it's going to work...too much of a culture clash.
They will not be the last of the big hitters to leave the new firm.
Yep, this was a colossally stupid move on Ken Lewis' part. Hopefully Thain will be able to turn it around once he takes the reigns
Merrill's Asian Chief Strategist and Co-head of European markets just left.
hehe, never figured BoA for investment banking ...
These bank mergers are always difficult because of the cultural issues. I think Ken Lewis's big ego was a main driver for the merger.
www.sharpeinvesting.com
BOA is still a top 5 research and S&T firm now (from the perspective of people wanting to find a job)
who are the other 4?
.
JackSheng,
Barclays (cuz of Lehman, which was overall a top 3 firm in itself), Morgan Stanley, and I'm sure there are a couple more above the BOA/ML unit. In terms of S&T, I also think its top 5.
This "top 5" is for someone seeking a 2-year analyst stint in research,S & T - BOA is on its path to becoming a top bank in certain areas (though maybe not pure advisory).
Don't listen to big unit..he's a college senior who got an offer at BOA and has been trying to make his future employer seem more prestigous on every thread can...
I'm a management consultant...
The only IB to merge with a retail bank lately that has worked out was Morgan Keegan/Regions because of their similar cultures (both based in very southern cities). I don't really get where Ken Lewis thought that buying ML was going to be a dream come true for BoA, the cultures are just too different.
What would have been the point of BoA forking up 50-odd billion for ML if not for the people who work there? At the end of the day, those ML guys who are still left, and I'm pretty sure(a wild guess nonetheless) that there will be more of them than the BoAs, will phone up their clients and say "Hey, guess what, I have a new name on my business card. Golf this saturday?" It's the people who make the bank, and not the other way round (to an extent).
because I don't know what you are trying to say here... (sentence structure)
" At the end of the day, those ML guys who are still left, and I'm pretty sure(a wild guess nonetheless) that there will be more of them than the BoAs, will phone up their clients and say "Hey, guess what, I have a new name on my business card. Golf this saturday?" "
Thanks
Just my 2c.
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