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Bc the impacts of running a bugle bracket ib firm like crap take a bit of time to show up in the P&L so the boneheads running baml think they are smart while running it into the ground. Imagine a top MD in any given coverage group at BofA that recently left. They probably had a decent number of ongoing deals. Those stay at baml and when they close the bonehead management team think they got away with it bc those deals still show up on the P&L. "Wow, I managed to replace my top banker with a washed one for 1/3 the pay and our fees are still stable!".
What they don't understand bc they lack brain cells is that in a very short time, that existing pipeline is gone and there will be a big drop off. And they won't be able to replace the lost MD bc nobody wants to come to baml to get paid 1/3 the market comp and even if they do it takes time for the new MD to get plugged into the crappy baml system. Isn't there also many months of garden leave for MDs?
Leadership has no visionary skills
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