According to our sources of totally unestablished reliability, Bank of Merrill Lynch America is canning basically the entire commodities desk. Anyone care to Blackberry us from inside the HR offices to confirm? tips [at] dealbreaker.com is your fast track to unrecognized "in-the-knowdom."
Totally Unfounded Rumor Of The Day: BofA Axing Commodities Desk
Posted by Equity Private, Jan 07, 2009, 12:08pm
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Posted by guest , Jan 07, 2009 12:15PM
BofA will become the Walmart of Finance
Posted by guest , Jan 07, 2009 12:17PM
I thought BofA WAS the WMT of finance...
Posted by VOL IS KING , Jan 07, 2009 12:17PM
@EP:
Its Merrillwide of America
Posted by Clown Capital , Jan 07, 2009 12:19PM
Hey seriously,
Can anybody tell me about BofA's equity derivatives desk in NY? I had a buddy who sent me one of those BCC'd "last day" emails on Monday. I tried to call him on Monday and yesterday, but his shit keeps going to voicemail...
Any word on what may have happened?
Bess???
Equity Private???
Posted by guest , Jan 07, 2009 12:23PM
anyone know what the severance is? 10,000 spirit points per yr of service?
Posted by guest , Jan 07, 2009 12:25PM
I'm thinking about getting CAIA certified- is this worth anything?
Posted by Investorcluzo , Jan 07, 2009 12:25PM
are they shuttering all of commodities or just the legacy bofa desk? doesn't/didn't merrill have a desk? no reason to pay two guys to lose money when you could just pay one.
Posted by guest , Jan 07, 2009 12:27PM
@5
I got 10 Happy Meal coupons, You got Sprint points? Trade possibility?
Posted by guest , Jan 07, 2009 12:28PM
legacy BofA desk is gone, ML desk is staying
Posted by guest , Jan 07, 2009 12:35PM
ML is dominated the new IB. Almost all senior people at BofA have been fired or received a significant demotion. For example, the head of CMBS trading is gone and the head of Structured Finance was demoted to head of CMBS Servicing. I'm sure that there are many more examples...just two that I know of.
Posted by guest , Jan 07, 2009 12:43PM
ML has a large group in Houston. I doubt they would be shutting that group down unless their performance has been poor.
Posted by guest , Jan 07, 2009 12:44PM
@11
Thanks, very incisive commentary.
Posted by guest , Jan 07, 2009 12:47PM
@4
Why don't you try calling your "friend" on his/her cellphone. Just a thought...
Posted by guest , Jan 07, 2009 12:56PM
All the BofA chimps in NY will be going to banana peeling school next week
Posted by guest , Jan 07, 2009 1:02PM
@11, great comment. no one ever shuts down groups in Houston
Posted by guest , Jan 07, 2009 1:09PM
Oh Wideclops, how I missed you so...
Posted by Clown Capital , Jan 07, 2009 1:10PM
@13
The "cellphone" keeps going to voicemail. Not the office phone...
Posted by guest , Jan 07, 2009 1:12PM
Oooooooh Wideclops! You came and you gave without takingggg
Oooooooh Wideclops! You kissed me and kept me from shakinggg
Posted by guest , Jan 07, 2009 1:14PM
my buddy from worked the commodity desk for MER in Houston, he was canned about 3 months ago.
Posted by guest , Jan 07, 2009 1:17PM
my buddy from worked the commodity desk for MER in Houston, he was canned about 3 months ago.
Posted by guest , Jan 07, 2009 1:24PM
if you had a choice twixt keeping the former Koch trading folks [i.e. Merrill commodities Houston] . . . or the while certainly journeymen but not all that special BofA commodities guys in NY; what would you do?
Posted by guest , Jan 07, 2009 1:25PM
@10 - Not true.
Posted by guest , Jan 07, 2009 1:36PM
@8, I got Rollover Minutes. They keep telling me they're the same as regular minutes, but I still feel slighted. Will still trade for some Hamburglary goodness though.
Posted by gAssman , Jan 07, 2009 1:41PM
Entergy Koch wasn't all that special either
Posted by gAssman , Jan 07, 2009 1:42PM
Entergy Koch wasn't all that special either
Posted by guest , Jan 07, 2009 1:43PM
agree with @9. just heard from my friend. commodities in NY canned. Houston staying
Posted by guest , Jan 07, 2009 1:47PM
Didn't/doesn't the BofA team have a few Enron people?
Posted by gAssman , Jan 07, 2009 2:04PM
Entergy Koch wasn't all that special either
Posted by guest , Jan 07, 2009 2:08PM
Bonus is : 2 Snuggies and a Shamwow
Posted by guest , Jan 07, 2009 2:10PM
if you had a choice twixt keeping the former Koch trading folks [i.e. Merrill commodities Houston] . . . or the while certainly journeymen but not all that special BofA commodities guys in NY; what would you do?
Posted by guest , Jan 07, 2009 2:17PM
if you had a choice twixt keeping the former Koch trading folks [i.e. Merrill commodities Houston] . . . or the while certainly journeymen but not all that special BofA commodities guys in NY; what would you do?
Posted by guest , Jan 07, 2009 2:32PM
@30&31 - I'd eat the Twix?
Posted by guest , Jan 07, 2009 2:39PM
Shamwow is so 2008. Slap/Chop is the new black.
Posted by guest , Jan 07, 2009 2:50PM
What floor is commodities on?
Posted by guest , Jan 07, 2009 3:14PM
@24
Not sure how you know that unless you were part of the team. If you were indeed part of the team, I'm surprised by your comments.
Posted by guest , Jan 07, 2009 3:54PM
agree with 35
Posted by guest , Jan 07, 2009 4:22PM
id be really surprised if bofa lays off the whole commod desk and keeps ML's houston guys. one bofa power trader is one of the best in the business and ive heard most of the koch guys left in Q1-2 '08 when ML started showing signs of weakness.
Posted by guest , Jan 07, 2009 4:30PM
BOA power guy. Too funny. They haven't been active in ages and when they where they where the bigest pikers in the market. I mean come on there is no way you aren't THAT power trader.
Posted by guest , Jan 07, 2009 4:34PM
id be really surprised if bofa lays off the whole commod desk and keeps ML's houston guys. one bofa power trader is one of the best in the business and ive heard most of the koch guys left in Q1-2 '08 when ML started showing signs of weakness.
Posted by guest , Jan 07, 2009 4:41PM
if true we'll take them: www.Amerifutures.com
Posted by guest , Jan 07, 2009 5:07PM
@38 "piker" great use of a classic
Posted by guest , Jan 09, 2009 1:53PM
entergy koch never made any money
Posted by guest , Jan 09, 2009 1:53PM
entergy koch never made any money
Posted by guest , Jan 09, 2009 2:05PM
i heard that those guys at entergy koch were a bunch of clowns
Posted by guest , Jan 09, 2009 2:22PM
I heard they let a lot of talented folks go, and kept the retards that have protection from upper management...seems par to me for this group.
Posted by guest , Jan 09, 2009 2:37PM
getting out of there was the best thing that ever happened in my life. what a bunch of posers
Posted by guest , Jan 09, 2009 2:50PM
www.merrillhere'syour401kiddingsucker.com
Posted by guest , Jan 13, 2009 1:34PM
@ 24,42,44
Buying Entergy Koch was the most profitable investment Merrill Lynch ever made.