Announcer (in the most ridiculous announcer-ly voice I’ve ever heard): Please welcome Briannnnn Moynihannnnn, president of global banking and global wealth and investment management!
- We have to stay focused on our clients.
- How did I get here? In the old days I was a lawyer [goes through all the other jobs he's had since then], and then they asked me to do this.
- A transition of this magnitude has never been attempted
- One of the toughest markets any of us will ever face in our business careers
- People keep telling me, like the old baseball adage, “Wait til next year.” But we have to keep performing.
- We’ve had to reduce staffing, which was unpleasant.
- We’ve had to reduce compensation
- We’ve had to defer compensation
- We’ve had too many media stories
Let’s talk about our accomplishments:
- We stabilized the mortgage market when we bought Countrywide
- We’ve created a great franchise with Merrill Lynch
- We’ve lost the superlatives to describe to clients how to navigate the markets. That’s why we need Mr. Sontag.
Turns the mic to Sontag.
- Introduces a bunch of names, one of whom is described as “the guy who gave me all my bad ideas.” Nelson Chai, etc.
- You, our team, bring our services to our clients.
- You do it, by leaving nothing to chance.
- The press is fascinated with everything we do.
- People are questioning our integrity and our ability to do business…[what I have to say to them] is, we made 4 billion dollars last year.
- Some guy named Bruce, head of capital markets, talks about Q4
- I don’t want to talk a lot about Q4, cause it was ugly.
- At a time when they (who are you calling ‘they’?) said banks weren’t lending, WE DID
- It’s more strategically compelling than ever for bringing BAC and MER together.
[A bunch of guys are trotted out in a dog and pony show, made to say what new and exciting things they have in the hopper for '09]
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Too shitty; didn’t get off the pot.
First bitches.
too towny, didn’t go to the hall
Is anybody listening or did they all walk when they heard Ken’s brilliant idea yesterday?
Is anybody listening or did they all walk out after hearing Ken’s little plan yesterday?
” It’s more strategically compelling than ever for bringing BAC and MER together.”
no kidding. Too Big To Fail is the new business model and gives you access to those socialized risk capital markets
Yes, the acquisition/merger was about as strategic as Howard Dean locating the Just for Men just after the DNC told him to take a hike.
“We stablizied the mortgage market when we bought Countrywide”
Who does he think that he’s fooling here?
@ 8. Stabilized the mortgage market!!! he should listen to a few competing confernece calls today. Like Allstate and ameriprise.
this is SO formal….nothing like the legacy ML townhalls….
I think you will find that the guy’s name is MONTAG.. i.e the guy from GS who came across and got paid large…
No idea WTF sontag is..
blatantly delusional. Is there such a thing as corporate psychotherapy?
The press is fascinated with everything you do because they’ve realized the inmates are running asylum. Oh, and the fact that everyone gets a kick out of watching monkeys sling poo.
@11 dan sontag runs gwm….mccann’s old job
Sontag is Wealth Management head.
Does GE still make televisions?
“- People are questioning our integrity and our ability to do business…[what I have to say to them] is, we made 4 billion dollars last year….”
Isn’t that called the “Ken Lay Retort”?
damn, son. ubs mds not getting any bonus this year. 100% stock next year, with 3 year vesting period and a clawback provision.
it’s a wrap. it’ll be interesting to see how many leave and where they go. also, if you stay at ubs after hearing this, they’re going to continue the beatdown. it’s human nature.
gaspbag just cursed on the air
Bruce is the biggest d-bag of them all – “strategically compelling” – to the short sellers maybe!
Baranck of Obamica??
Just using a few letters twice. This has conspiracy written allll over it.
@15 um… GE owns CNBC