Hi guys, Thanks for taking the time to read my post
I am wondering some things about BAML: - from a prestige point of view, why do people always mention GS/JP/MS and almost never BAML? - what are the best groups to join? (especially in London) - how do you see the bank's future? is it getting its mojo back? is it sinking? will it soon be in the top three or behind Citi?
Thanks in advance!
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Can't speak to the London groups but can answer your other questions--
You have to remember BAML is a somewhat new player (rep wise) on the street. It only came into existence 10 years ago, and only became a major player ~6 years ago. GS/MS/JPM have a fantastic reputation that span many decades. BAML also tends to come up 4th on the league tables. The bank needs to not only maintain its current performance, but gain some market share over time in order to be considered with the top 3.
As for Citi, BAML at least in NYC is considered just a small notch up (as of right now). Time will tell who will be better. But with the trend of EB's gaining more M&A market share, and clients wanting banks who can offer better deals with financing (JPM/BAML/C), it's anyone's race.
thanks thelastmango
excuse my probable stupidness but before being BAML, was not Merril Lynch an elite investment bank?
any other opinions are welcome, also about groups on London
I cannot refer to groups elsewhere but I live in a Mediterranean Country (think FR, SP, GR, IT) and I have always seen BAML as a good player here. They have an interesting deal flow and are very active in both coverage and M&A - though not as involved as other BBs. As to the other question, I think it's been replied before.
Merrill was top dog in European deals, but was in a similar position as BAML is now in the US. As deal teams go, I suspect their US strengths carry over to London (as it is a balance sheet intensive bank), so LevFin, REGL, FSG, and probably M&A.
You All Think That BofA Could Be The Next Citi? (Originally Posted: 01/14/2009)
The company just continues to get larger via acquisitions and is said to have trouble integrating Countrywide and Merrill.
Now the government has to inject more funds due to greater than expected losses from Merrill in order for the integration to continue successfully.
Parallels?
No. Countrywide and Merrill are such recent acquisitions. We'll have to wait to see how their integration plays out. It's a very different company from Citi.
We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
If BofA and JPM fail, IBs are going to have to figure out a completely new kind of model, or let small advisory shops and hedge funds take over their space.
I absolutely think BoA has already been on the road to becoming the next Citi for some time now. To compare JPM to BoA or Citi is irrelevant. Citi and BoA both paid premium prices for their acquisitions. JPM got Bear and WaMu at fire sale prices and while they may take losses down the road on the two acquisitions, they will be much smaller then the losses BoA and Citi have and will be taking. JPM released their 2008 Q4 results today and posted a $700M PROFIT. All in all I think Lewis and Pandit should be taken out back and shot.
So far, Pandit seems to be a very inactive CEO. He's not sure what to do and Lewis is just vindictive of wall street for some reason.
It's not only that Lewis is vindictive of Wall Street, but I think a lot of the reason BoA will continue on the downward spiral is that Lewis wants to be the biggest and best at everything. He has the same exact "Financial Supermarket" mentality that Citi has had for the past decade. One of the better posts I've read all day on another blog is that Lewis is the retarded that had to go buy the biggest McMansion, drive the flashiest cars, etc... when he can't afford to pay the taxes and pay the utilities. I think Countrywide and Merrill are going to significantly weigh down on BoA and ultimately cause it to break up much like what is happening over at Citi. BoA allegedly even wants out of the Merrill deal now that they know what it's going to cost them, but the goverment doesn't want them bailing out on the original plan.
There are a lot of rumors flying around today that Citi and/or BofA could be nationalized. I understand that the government would take control, but would this be permanent? What happens to IB employees? What happens to the company in the long run?
There are a lot of rumors flying around today that Citi and/or BofA could be nationalized. I understand that the government would take control, but would this be permanent? What happens to IB employees? What happens to the company in the long run?
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