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Report: BofA to sweep away top execs
The departing executives were taken from the bank's so-called "band 1" layer of management, one rung below Mr. Lewis and the other C-level executives, The Wall Street Journal reported.
BofA to ax 35,000 jobs in newly merged firm
The Charlotte, N.C.-based company said that it has not completed its analysis and expects to announce final number of job cuts early next year.
Merrill says goodbye to 94 years of independence
Merrill Lynch ended its 94 years of independence when shareholders voted to approve the sale of the nation’s largest brokerage house — with its “thundering herd” of brokers, “Bullish on America” slogan, and all — to Bank of America Corp.
Merrill bonuses to be cut to the bone
After incurring more than $20 billion losses and a forced sale to Bank of America Corp., Merrill Lynch & Co. Inc. is planning to cut its year-end bonuses in half, Bloomberg reported today, citing people with knowledge of the situation.
Rich donors relied more on legal advice
High-net-worth donors relied more on lawyers and accountants for philanthropic advice than financial advisers in 2007, according to a survey released Monday by Bank of America.
RiskMetrics gives tepid OK to BofA-Merrill deal
“Given the current state of flux in the markets, on balance we do not have enough public information to recommend [to Bank of America] shareholders to vote against the proposed transaction,” the report from RiskMetrics Group of New York stated.
Merrill exec tapped for key spot
Merrill Lynch and Bank of America have named Andrea Orcel as the president of international operations for the global banking, securities and wealth management business for the soon-to-be-combined company.
Merrill and BofA move to reassure reps
In a move calculated to reassure anxious brokers, Merrill Lynch & Co. Inc. and Bank of America Corp. told their reps Wednesday that the combined firms will be a part of the so-called “protocol for recruiting brokers.”
Merrill reps are shown the money
Top-producing brokers with Merrill Lynch will get retention bonuses in line with recent industry deals to stay with Bank of America Corp.
Merrill’s brokerage unit head may not survive
Robert McCann, who directs Merrill Lynch's global wealth management division, may be on his way out as a result of the Bank of America merger--and could take some of the firm's top talent with him.
‘Thousands of jobs’ on block, Thain says
Merrill Lynch & Co. Inc. chief executive John Thain said that he expects that there will be “thousands” of job losses after the brokerage giant is taken over by Bank of America Corp.
BofA books 68% profit decline
The Charlotte, N.C.-based investment bank said its net income fell to $1.18 billion, or 15 cents per share, from $3.7 billion, or 82 cents per share, a year ago.
Merrill’s Thain to remain after merger
Bank of America Corp. CEO Ken Lewis announced today that Merrill Lynch & Co. Inc. chief executive John A. Thain will join Bank of America after it acquires the Wall Street giant.
National Financial may lose on Merrill-BofA deal
While pundits and industry insiders laud the acquisition of New York-based Merrill Lynch & Co. Inc. by Bank of America Corp. of Charlotte, N.C., there might be fallout few have thought about.
Painful layoffs seen in Merrill-BofA merger
Expect painful layoffs after the completion of the merger of Bank of America Corp. of Charlotte, N.C., and Merrill Lynch & Co. Inc. of New York, according to one analyst.
Thain: Merrill reps OK with BofA deal
“Already this morning, almost 100% of the [financial adviser] reaction has been positive,” Mr. Thain said at a press conference this morning.
BofA, Merrill present united front to public
Bank of America;s $50 billion all-stock acquisition Merrill Lynch will help “create the premier financial services company in the world,” the firms’ chief executives promised.
BofA, Merrill deal done as Lehman teeters
Lehman Brothers is verging on collapse, even as Bank of America has reportedly bought Merrill Lynch for $44 billion; AIG hammering out its own rescue strategy.
Lehman nearly lost as BofA eyes Merrill
Lehman Brothers is verging on collapse, even as Bank of America is reportedly in talks to purchase Merrill Lynch and AIG hammers out its own rescue strategy.
BofA set to settle with regulators over ARS
Bank of America Corp. said yesterday that it is ready to settle with state and federal regulators over a probe into its marketing of auction rate securities.
