Bank of America Merrill Lynch - Thoughts?
What are your general thoughts on the IBD of Bank of America Merrill Lynch?
Where do you see them in the future in respect to other BB's?
What are the best groups?
How are the exit opportunities compared to other BBs?
How is the culture?
Basically everything... Would you like to work there?
sigh... this is one of those....
why don't you get an offer first? Oh wait, new account 3 minutes old.
Not a very helpful comment... If you don't want to respond, please just ignore the question and move on.
Thanks
x
I have several offers and am trying to make an informed decision. The one firm that I do not know a lot about is BoAML because they are just emerging from the merger and the government bailout. I am trying to get perspective on their future, culture and to a lesser extent their reputation so I can make an informed decision.
Again, if you don't like the question or do not want to answer it please just ignore it and move on. I can do without useless comments.
Is Merrill Lynch really an Investment Bank? (Originally Posted: 01/30/2013)
So I am trying to understand how Merrill Lynch fits into the "investment bank" picture. I am under the impression that ML is just global wealth management and equity research now. It appears they do not have a M&A group at all.
If this is the case, are they really as "prestigious" as they used to be? Is this a company that many of you would dive at the opportunity to work for? I am assuming it's not. I appreciate your honest answers.
I think you need to do more research...
I've met many ML legacy bankers who are still bitter that they're part of the Bank of America brand...
very very bitter..
Ummm...Merrill Lynch doesn't even exist anymore.
See also: 2008
Lol - to briefly explain, when the merger occurred between Bank of America and Merrill Lynch in '08/'09 (google this if you didn't know it happened, which it sounds like might be the case here), the investment banking branch of the combined company became known as "Bank of America Merrill Lynch," or BAML. The legacy Merrill Lynch branding is now used for PWM.
Can't tell if troll, or just not smart... So much monkey shit to throw.
Depending on who you talk to they all go by different names. Some of the legacy guys still call themselves Merrill, the new people seem to be full name: Bank of America Merrill Lynch, when I was trading them I call it BAC, what's the New york standard?
baml
We still trade commodity derivatives with "Merrill Lynch." It's all one entity, but its various businesses operate under seperate legal names. BAC, Bank of America Merrill Lynch, Merrill Lynch....all the same thing. Kind of like the difference between Credit Suisse and Credit Suisse International, who use different names simply for legal purposes (avoiding filing as a "swap dealer" with the cftc, etc). Also, sick avatar bro.
you're late to the party, OP
BAML (pronounced BAMEL) is the term used in IBD when analysts talk about them...Merrill lycnh Peirce Fenner Smith is the legal name of their broker dealer (no BoA in the name)
I was talking to one of the guys that said in (insert correct country name here) they still went by Merrill Lynch, because they couldn't use Bank of America due to laws regarding being called a bank unless they were a deposit taking institution.
I didn't mean to incorrectly title "BAML". I am aware that it is a division of Bank of America and it is no longer its own company; I don't mean to troll. I just used Merrill Lynch name because I thought it would be the most clear (I was wrong).
So then as one of you mentioned, it's just PWM now? And financial advisory? So to put this to rest, its basically a part of Bank of America, a RETAIL bank and nothing more?
Oh my goodness, no - did you read the posts above? It is, indeed, now a part of Bank of America, but it still performs all of the traditional investment banking practices. Just like JP Morgan Chase or Citigroup, which both run retail banks in addition to their investment banking platforms.
I work at Merrill (pronounced Murrul, or uncle Murrul, or Mother Merrill). The PWM strategy is to hire an army of salespeople to get AUM. This is a big part of this business. The IB team is small in Houston as far as I know, I've been talking to some friends who work there recently. Every "IB" or wire house is a financial services company. That's the correct way to categorize it. Some wirehouses have investment banking divisions, not really prop trading anymore, energy trading arms, and other. Most people at BAML don't like to Bank America people nor do many prospective clients. Merrill is not what it used to be. I have talked to my cousin who was an FA decades ago and Merrill was the place to have your money back in the day. They could do more than other companies. Not so anymore. The research is good though, but often inflated in my mind. Compared to other research houses, their research is absolutely inflated (meaning price objectives are higher than other shops). But hey, they are trying to sell securities. Everyone in the brokerage business can do basically the exact same thing as far as I know. I know that Merrill does not have any competitive advantages.
Their commodities group is titled "Merrill Lynch Commodities" and is what they use in their email signatures.
The whole securities business operates under Merrill Lynch, PF&S.
Well you are going to have several prestige debates about all of the banks. That aside the culture will be very group specific. I suggest you reach out to some of the younger bankers in the groups that you have an offer for or if it is for a generalist program, talk to some of the people that work in the areas your interested in and get the information first hand.
Thoughts on BAML GWIM (Originally Posted: 02/09/2013)
I was just offered a SA position with BAML's Global Wealth and Investment Management, specifically with their Global Wealth and Retirement Solutions. I ideally wanted to go into trading, but had a mediocre GPA (3.3) coming out of a target. If i take this position, is that screwing me over for trying to switch into trading later? On the other side, at first glance i think Wealth Management is interesting enough, is there anyone who does it for a career and has some thoughts on it?
Thanks for your response. Any perspective on the banks future? I have heard people say that the firm is doing well now because it is executing deals that former ML bankers (who have now left BAML) put together, but that it will have trouble in the next few years after the departure of top level bankers catches up with it.
ugh I don't think there's any truth to that. deals are closed within months not years. so they are supposedly now closing deals that were originated over a year ago when some ML guys left? that doesn't seem right. if there is a more recent exodus i haven't heard about this could be true. BAML as an entire institution is going through problems with the CEO search, but is still shredding the league tables. plus if you get in a good group (there are many) and are good, the senior rainmaker often will try to take his team with him if he leaves - which will include you (this is good because you keep your job). additionally as we've seen over the past year, there's no way anyone can predict the fortune of these large FIs so it's moot for you to even try to. jamie dimon could instantly decide he wants to go to BAML and there you go. you know what i'm saying.
Are you a soph or junior?
Junior
BAML Trading Rep (Originally Posted: 02/22/2010)
how is BAML s&t still considered, especially the legacy ML side of it?
which desks are the best there?
Thanks, that was helpful
bump
Credit - Both IG and HY, Rates, and Mortgages are all solid.
How solid is "solid"? How do they compare to other banks in these desks?
how about on the equity side? equity derivs any good?
I personally know that deadlines are already over for accepting. Also you failed to mention other offers, how are we supposed to "help"? What if we all said BAML sucked, what is your other option, cashier at McDonalds? Also it's hard to believe you went through all these BB interviews and got multiple offers with 0 understanding of what groups are doing well, so your question "what are the best groups" is very suspect especially given the poor timing.
BAML IB-domination (Originally Posted: 10/19/2010)
Hey guys, I know I like to bash on BAML and their foreclosure crisis/earnings, but after looking at their investor presentation, I'm impressed at their investment banking revenue generation
$273m from advisory $798m from debt issuance $341m from equity issuance
1 in the world/US for: leveraged loans,syndicates,MBS,ABS,
2 in high yield corporate debt,investment grade, convertibles
Their fixed income platform is bigger than JPM's now (in terms of sales) - but from first glance it looks like equities could use some work there...
GS still dominated, no?
GS NI fell 43% with a huge slowdown in trading. Goldman will always dominate the sector, ALWAYS. I just wanted to hit on those BAML because I've been very bearish on them. Now I have a bit more respect for what they are doing in the field
Thoughts on BAML (Originally Posted: 10/16/2009)
For awhile there, I thought BAML had really gotten their shit together. They were doing well in the league tables and were profitable. I realize that BofA's credit losses caused the overall loss but still, that's a bad loss. What do you think about BofA-ML as a whole?
1styearbanker... I'm just trying to get some information. If you don't want to provide an opinion on anything that I am asking about that is absolutely fine, just ignore my question. I'm sure you have better things to do then come after me, like answer peoples questions that you find more interesting.
Well, as a whole, I think they should diversify their bonds. That strategy has been fruitful for Wu Tang Financial’s clients.
BofA-ML has been very profitable. BAML only refers to the investment banking/ S&T / Wealth Management division of the bank though. The mortgage, commercial loans, credit card side of the bank has been the weight on their earnings.
I think BAML is/will be a good place to work. Of the BBs, I would only place GS, MS, and JP above it.
Do you work there or did you just recently get an offer from them?
I'm just letting everyone else know you missed the deadline and are probably trolling with no offer or already accepted and are just fishing for compliments. If the latter is the case, just do a search on people not able to get IBD at all and enjoy your moment in the sun. Just like you have the right to make stupid threads, I have the right to post what I want and to let everyone know the situation. Carry on now, I'm out.
BAML - Are they really as bad as the media portrays? (Originally Posted: 01/14/2012)
http://online.wsj.com/article/SB100014240529702044090045771568810986065…
Friday, WSJ ran an article highlighting some of BofA's worst case scenarios to save the bank. Everyone understands the firm has large exposure to subprime debt and other toxic assets due to their Countrywide purchase - in addition to this, they have other firm wide issues.
With this being said however, are their problems all they are cracked up to be or are they simply an easy target during the current anti-Wall Street mood. They still have Merrill which is typically top 3 in the league tables and they have solid presence in many US markets for retail. What are they truly thought of as an investment bank by their industry peers?
I think the media uses them as filler for when nothing else is going on in the news. They repeat the same story every week. Everyone knows they have ridiculous exposure to Countrywide's toxic assets, but that has been the case since the start. The other firm-wide issues they have aren't all that different from many other banks right now. On the positive side, the issues based on Countrywide are relatively straight forward and have clearly been priced in to where BAC sits right now. As they resolve those problems it is going to improve their standings. With the amount of business that the IB side does (largely due to BoA's balance sheet) they aren't going anywhere.
Well put. The media (made up of communication majors who have no idea about finance) is always looking for filler and although there is fact to their issues, many other banks are having the same issues. ML is still bristling along, they have nice dealflow in many of their corpfin groups.
What does the article have to do with their investment banking division? Countrywide's toxic assets making senior bankers unable to give good advice and glitching up excel for the junior bankers?
ML is doing well enough they are considering listing it under its own ticker. BoA tower is also probably the nicest NYC BB office.
BAML's issues are the same as any other money-center bank, with the exception of the legacy Countywide portfolio. But all off the banks have unique problems. Heck, JPM - who is widely considered the darling of the money-centers - has a HUGE mortgage portfolio as well, not to mention exposure to the consumer via their cards business. Even Wells Fargo, who has always been known for their conservative lending practices, has exposure to the deleveraging consumer, mostly through their acquisition of Wachovia.
I agree 100% with what was said above regarding the media recycling old news on what was a slow news day. Most of what was in the WSJ article yesterday was announced a few months back when BAML talked about "New BAC Stage 1".
Thanks for clearing the air on that one, especially since my offer status is completely irrelevant to the questions. I'm simply asking for peoples outlook on the future of bofaml, which is a completely legitimate question even if there isn't a black and white answer (that's why I'm looking for opinions).
What is BAML's reputation in the IB world these days? (Originally Posted: 01/28/2013)
Are they on the way up?
Better get outta here before someone starts shitting on you for not being at GS/Blackstone/KKR...
Anyone?
If you're looking for real feedback, you're going to have to narrow down this absurdly broad question.
Much like any of its BB peers, there is plenty of dealflow and opportunities in IB at BAML. Broadly speaking, JPM & BAML dominate the LevFin and IG markets and are very strong in ECM. On the advisory side, BAML is a "mid-tier" BB M&A platform.
That's basically what I was asking.. what areas are they strong in, have they become a bigger name over the past few years, etc
Thanks for the response
Inorganically, of course, they have become a bigger name. Inheriting the ML institutional relationships was obviously a boon to their IB platform. When it comes to the larger banks like JPM and BAML, make no mistake about it: these guys are looking first and foremost to put their enormous balance sheets to good use. It's far from uncommon for JPM or BAML to throw away advisory business in favor of the financing end of major deals. That's not the sexy M&A platform that a lot of undergrads dream about, but it's the reason that JPM and BAML routinely top the league tables when sorted by fees rather than M&A volume.
I think most on this board would say that BAML and JPM have the top LevFin practices on the street, and that leads to a fair amount of action from larger PE shops. In short, BAML plays second chair in the game tha JPM dominates.
If you're looking for big-time advisory transactions, it's no GS/MS. But don't let anyone on this board tell you that any of the BBs (outside of maybe UBS) don't have a very strong IB business.
1styearbanker is legit and he works there. you'll just have excuse his curtness. he just rips on questions like this that are honestly kind of naive. i was at the same place once so i understand. just be sure to use the search first before you ask a question or you will get your ass torn apart on this forum...
Need Serious Insights on BAML (Originally Posted: 11/18/2011)
Guys, So if you had an offer from BAML for an SA with probable placements in rates and credit sales (I want sales) in London, how would you view that opportunity?
I have heard two shcools of thought here:
They are gonna fire you because the business is so bad they'll cut everyone.
You'll get in after all the firings and when the business picks back up you'll be in a really good position without a lot of kids your age competing with you (because they just arent hiring that much)
Thoughts on this?
If I had nothing else, I'd take it. If I had another BB offer, I'd probably take that instead.
Just a thought, what if you want FICC (rates or credit) and your other BB offer was for equities?
In Dallas?? Would depend on how good your other offer is. Tbh, it's an SA position so I wouldnt worry too much about the long-term strength of BAML. Lehman employees still have jobs.
In London.
My worry is that in this market the chances that you will end up working for the bank you intern for are like 95% because of the complete lack of FT hiring, so I am basically trying to make my decision with that in mind.
Yea I know it's in London, go read Liar's Poker :P Yes there is a good chance that if you SA with BAML, you will work there full time, but lets assume the absolute worst case scenario and BAML closes down the IB division and goes bankrupt.
You still have experience, you still have skills, you can get a job elsewhere. What I'm saying is don't concern yourself overly with the prospects of the bank. If they are your only option, then take it with both hands. You alluded to having another offer but not in your ideal department; I'd say if it's a top BB (GS/MS/JPM) then probably take that instead and try and transfer around a bit if you get hired for FT.
^ Great to hear another asshat bumping his gums incoherently about BAML. Why would they shut down the IB division when it's profitable and their problems stem mainly from the BofA side with the inherited Countrywide mortgages?
I said "IF", i.e. worst case scenario.
brotha i'm gonna educate ya about somethin we all learned back in '07. wen u get laid off, it's gon be hell on earth ma boi. dont be a dumass. u sound like a smart nigga so do the rite thing for ya future mate. you got any boutique bank offers? BAML is a volatile job investment ya dig?
^^^hopefully it works out like that.
I know everyone has been making fun of BAML, but seriously the Investment Banks' performance has been good. if they can scale back operations a bit on the retail banking side and finally get over the countrywide blackhole I think their prospects don't look that bad.
BTW for everyone who says 'if it is your only offer take it"-- of-fucking-course I am going to take it if it is my only offer. The thing is, it seems very likely that it won't be my only offer and I am trying to figure out how it compares to other banks
When 1styearbanker says that he missed the deadline, he means for the 2010 FT right? not the SA... cuz I believe the recruiting for SA in US are still going, hopefully...
Thoughts on BAML: Trending up? (Originally Posted: 01/20/2010)
Full disclosure: Offer in hand from BAML, in the process of interviewing with "better firms", but want to see where my BAML offer stands.
Looking at league tables, I have a sense that BAML is really trending upwards. The synergies between BofA and ML seem to be playing out. Does anyone else see this as the case?
If we look back to late 2008, BofA was in a relatively very strong position. It's biggest "mistake" was to go through with the acquisition of ML. Anyone see BofA/ML rising to a top tier bank in the near future?
Any thoughts appreciated, no flames please.
BoA-ML has a very bad rep. here. But I personally agree with you. I think the bank is trending up and they have been successful in poaching key talents from rival banks (they lost their bankers to competitors as well).
Bad rep? Among who and why so?
BAML is definitely trending up. The BofA Merrill integration was a shitshow at first, but it's been improving a lot recently. Time will tell, but BAML's looking much better than it did a year ago.
@doodoo,
BAML constantly gets flamed on here--- wanted to see if this represents street sentiments. I think part of the issue is that the fact that there's so many retail ATM's everywhere it kinda dilutes the "prestige" factor. It's as if GS placed an ATM every 3 blocks.
Your reasoning skills around "prestige" aren't to hot are they? JPM has "ATM's every 3 blocks" too, yet doesn't suffer because of it.
BAML paid back TARP.
I work with a lot of the BB guys (JPM, MS, GS and BAML). BAML is in an interesting position as they literally touch all aspects of our various investments (credit, CMBS, ABL, advisory, etc.). I realize that they have a bad rep on the board and are regarded below the other 3 mentioned above but overall I think they are solid. I wouldnt be ashamed to accept the offer if i were you. Good luck
doodoo,
He's talking about on Wall Street Oasis.
Citi and BAML got picked on quite a bit after they were the only US bulge brackets to not pay back TARP. Clearly second tier to JPM, MS, and GS for now, but things change rather quickly. At least on the credit side BAML is on par with JPM and MS. GS is clearly the best all around.
Also keep in mind Merrill has had great placement in the past, remains to be seen if that will hold true.
I'm surprised 1styearbanker hasn't hit up this thread yet.
I saw it on my phone today, figured I'd let it run its course first before I barge in. Seems like everything's in order. Yes it's on the rise and yes it is a top 3 bank.
As far as the ATM's go, you idiots need to understand that is where the strength is. Glass Steagal being repealed was the best thing ever and totally unevened the playing field. Banks like JPM, BAML, Citi and WF are given a huge advantage.
So when I walk by a BoA ATM, I see $$$ and the demise of crap banks like MS, UBS, etc. The prestige comes from knowing that I'm seeing way more dealflow than you losers. Even GS is shit without its trading operations and it is a weak force in areas like LevFin.
BAML is solid
I completely agree with 1styearbanker.
Seeing an ATM "on every other block" like BofA, WF or Chase does not "dilute" a brand at all but in fact makes it even more powerful. You better believe I feel damn good every time I see people lined up at my bank's branch or atm because all I see is more $$$ for my firm to play with and dominate the league tables with.
More deposits=huge balance sheet=very strong dealflow
BoA/ML can be compared with Citi and UBS instead of JPM and GS. The bank is relatively fragile.
A lot better than UBS.
Are you guys serious? UBS and BAML are hardly different. On the S&T side BAML has a leg up because UBS laid everyone in fixed income off, but on the advisory side no such differential
BAML is top 5 but UBS is top 15 in IBD
different for asia but yea, big difference
Agree thats a different story in Asia. UBS consistently ranks as Asia #1 in terms of deal flow and they have a strong team out there in hk office.
BAML is doing good too, I am going to start there as first year analyst in IBD in hk office this year.
If I was the CEO I would be embarrassed about my bank not paying back TARP, but as an analyst who cares. As long as the paycheck doesn't bounce. BAML was a mess earlier, but is getting better. Would not be ashamed of working there.
what are the best groups at BAML?
searched, found some old stuff, but looking for some more recent opinions.
Can you link to the thread you found with the old stuff?
Thanks.
This is a pretty ridiculous thread with people comparing BAML to UBS. Who gives a shit about ATMs? Dilution of prestige? wtf? I'm just as insecure as the rest of you, but working for a bank that doesn't have ATMs is not going to give me the dopamine release I need to make up for the fact that my mother didn't love me enough. Making rain and getting laid sometimes do the trick though. You can do both of these things while working at BAML.
They might ask you how many Bank of America debit cards you possess.
After bonus season recently came out - the way to differentiate banks - some try to get as much money to their people as possible, some try to keep as much away as possible...
BAML is raising bonuses and probably paying above street.
.
pump
dude, look at the league tables for first quarter.. they we're at the top with JPM on all areas.
ML had great bankers. Good franchise that still does big deals.
For sure. Unstoppable combo: BoA balance sheet with the Merrill IB franchise. For sure win
pump
1st year banker what group are you in at ML? Feel free to pm me
BAML (Originally Posted: 12/18/2012)
Prior to being acquired by Bank of America, Merrill was in the same discussion with GS/MS/JPM. BAML is still at the top of the league tables in numerous areas, why does no one talk about wanting to work at BAML?
In case you haven't noticed, everyone on this website is full of shit.
Because most of Merrill's talents jumped ship, the only BB they are ahead of in M&A is UBS
This. My boss moved to another BB right before it went belly up. Things went downhill quickly on the M&A side.
They still have a respectable lending and credit team
(B)ank(A)t(M)ediocre(L)evel...DUH!
its still a BB and a respectable one at that. its no GS or MS but like every-bank they have groups/products that are strong and some that aren't as much. worry about getting offers and then come back here asking which to take
BAML is excellent. Maybe the name isn't WASPy enough or something.
Bank of America Merrill Lynch (Originally Posted: 02/28/2009)
So, the blood at BofA - ML continues to spill. What are the opinions of people with offers for SA/FT? If you are staying in touch with people there, what are their views? Are you still looking for other things in case of the worst - or are you happy with the offer and hoping for the best?
which group would you like to know about?
I am happy with my FT offer. I think that new FT IBD analysts will be starting at a great time and will benefit from the market rebound. BoA/ML is well capitalized and will be profitable in 2009. I don't plan to look for other opportunities as HR and senior bankers assured me that my offer will not be rescinded. Do you have a FT or SA offer?
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