BOA vs. ML
Ok think high level now. BOA fire their own employee to keep ML's? What do u think will be the response internally! i am not talking about the high up people or the analyst. think about all the VPs who actually have a voice and is screaming right now. I would expect them to fire low to mid level ML people and replace it with BOA current ones. I know people will say that ML has better quality people, but quality only shows at high level. analyst is the same as the next guy. If you don;t think so, quite your job and see if your company...your division... your team miss a beat!
your grammar is pathetic
There undoubtedly will be cuts on both ends. These are two huge organizations-- BoA has 200,000 employees and and ML has 60,000. ML is the best brokerage house in the world (or was, rather), and has a globally renouned equities and equities underwriting table. However, this is all taking place in BoA's house in an environment where old banking models and standards are being thrown out the window. Prestige factor is all but meaningless now-- LEH was considered with MS and GS as the golden trifecta of investment banking.
I expect at least 15,000 layoffs all told, especially back-end staff.
when top level people go somewhere, generally they will want to take their team with them. why would an MD want to work with VP's and other people that he is not familiar with? If ML's top people stay, they will push to keep their groups intact.
Having said that, there will def be cuts on both sides. If I was a BoA banker, however, I'd be a little more worried.
Noah's Ark: The combined firm (before massive layoffs) will have two of everything. Two head rates traders, two heads of M&A, etc. Senior guys will be let go and you can bet deals/favors are being called in as everyone jockeys to keep their job.
There are surely stand out groups at ML that will replace those at BOA. However, as venturecapitalista mentioned "Prestige factor is almost meaningless now...".
Which bank's employees should be more concerned? My gut tells me that BOA bankers, traders, salespeople, etc. are slightly more secure (maybe I should say less insecure) than their counterparts at ML. ML, after all, was acquired (arguably rescued) by BOA.
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