Welcome to B of A. You’re Fired.
Somehow Ken Lewis won the Banker of the Year award for 2008. Perhaps it was a payback for allowing his bank to be turned into a toxic was dump for financial institutions that are nearly too big to fail. But he continues the proud tradition of "serial diluters", which of course was the phrase Tom Brown's made famous a year ago and still provokes chuckles from yours truly.
I cannot wait to see how they meld the corporate cultures of Merrill Lynch of Bank of America (BAC-NYSE). Of course, maybe they won't. I know very capable Merrill bankers that are probably toast due to overlap with their counterparts at B of A . But such is life.
Merrill employees might be getting a taste of what the future holds - the brokers in its training program are being shitcanned.
Merrill Lynch & Co. Inc. is laying off close to 400 brokers in its training program, the firm announced this week amid criticism that its new owner, Bank of America Corp., is overlooking up-and-coming brokers. Investment News
Bank of America shot itself in the foot by passing over up-and-coming brokers when it announced its retention deal in late October for about half the 17,000 brokers with Merrill Lynch, according to some Merrill brokers and industry observers.
Of course, Ken will have to figure out a way to pay for this transaction. Private clients of the thundering herd might want to look in the mirror - something tells me you are the patsy in this game. Good luck with that.
Merrill to lay off 400 trainees
Investment News
__________________________________________________________
The auction rate mess was only one debacle for brokers in 2008. Tough year, and now the lawyers are circling.
----------------------------------------------------------------------------------------------------------
The content contained in this blog represents the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author. No Position
Comments:
Next entry: Wilpon's Deny New York Mets Are For Sale
Previous entry: Check 1-2-3: Rock n Roll Wall Street
