The Defections Continue
Some BOA ML healthcare MDs leave for Centerview. Is BOA ML going to be completely gutted by the end of this?
Some BOA ML healthcare MDs leave for Centerview. Is BOA ML going to be completely gutted by the end of this?
Career Resources
i'm inclined to believe so
this merger has been a disaster thus far and it seems that most at the officer level are looking to exit asap
Yeah, hindsights 20/20 but so far it looks like ML and BOA weren't meant to be . Centerview seems to be expanding - they now have consumer/retail, fig, tmt, and healthcare covered in some way, shape or form.
Who knows what will be left.
I'm sure foreign banks like Barclays and Credit Suisse will raid; boutiques are raiding; and imagine if Goldman is able to pay TARP back.
ML HC guys just did probably one of the biggest deals of their life and they weren't sure if they were getting a bonus proportionate with the size of the Pfizer/Wyeth deal. They also lost Head of US Pharma to CSFB. Bloomberg had a good article a few days back talking about how Broadpoint and BTIG were poaching a lot of Fixed Income guys for S&T. Purcell from Salomon/Citi and Bass from UBS are starting a FI group at BTIG. It seems like most of the senior guys with relationships are taking their business elsewhere, but for a new hire I still think the bigger banks are a good place to see a lot of different deals/clients.
I love the pic for this topic.
Many upper-level managers at premiere investment banks, and financial institutions are leaving their firms to work at boutiques. Executives positioning themselves at smaller firms may in fact be more strategic. As far as long-term career viability working at a specialty firm is lucrative. For instance, the focus is solely on the that business sector, whatever it may be.Ex:(Public Finance Advisory, Security underwriting, Portfolio solutions) Furthermore, the risk of other strategic business units intervening in the future of your employment is reduced. A massive fixed income security bubble which is leveraged to its max, is less likely to happen within a sector based financial advisory firm. Thus, the move of managing directors from Merrill Lynch/BOA to Centerview is a microscopic picture of a wider transition. The flexibility of the financial labor force in this economic climate will help small firms grab market share. The capitalistic social Darwinism needs to be full fled , the institutions who can't survive needs to be liquidated. The firms who were able to acquire talent, while also positioning them selves with the appropriate capitalization should be rewarded.
very well said. I have to admit the Merrill/BOA merger though was and continues not to be a pretty sight.
Bank of America is government owned, you are not going to get paid there. People know this and are leaving.
So you guys would not recommend going back after my SA (if I get an offer)?
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