• 07 Jan 2009 at 12:08 PM

Totally Unfounded Rumor Of The Day: BofA Axing Commodities Desk

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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.”

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Comments (95)

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  1. 1
    Posted by guest | January 7, 2009 at 12:15 PM

    BofA will become the Walmart of Finance

  2. 2
    Posted by guest | January 7, 2009 at 12:17 PM

    I thought BofA WAS the WMT of finance…

  3. 3
    Posted by VOL IS KING | January 7, 2009 at 12:17 PM

    @EP:
    Its Merrillwide of America

  4. 4
    Posted by Clown Capital | January 7, 2009 at 12:19 PM

    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???

  5. 5
    Posted by guest | January 7, 2009 at 12:23 PM

    anyone know what the severance is? 10,000 spirit points per yr of service?

  6. 6
    Posted by guest | January 7, 2009 at 12:25 PM

    I’m thinking about getting CAIA certified- is this worth anything?

  7. 7
    Posted by Investorcluzo | January 7, 2009 at 12:25 PM

    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.

  8. 8
    Posted by guest | January 7, 2009 at 12:27 PM

    @5
    I got 10 Happy Meal coupons, You got Sprint points? Trade possibility?

  9. 9
    Posted by guest | January 7, 2009 at 12:28 PM

    legacy BofA desk is gone, ML desk is staying

  10. 10
    Posted by guest | January 7, 2009 at 12:35 PM

    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.

  11. 11
    Posted by guest | January 7, 2009 at 12:43 PM

    ML has a large group in Houston. I doubt they would be shutting that group down unless their performance has been poor.

  12. 12
    Posted by guest | January 7, 2009 at 12:44 PM

    @11
    Thanks, very incisive commentary.

  13. 13
    Posted by guest | January 7, 2009 at 12:47 PM

    @4
    Why don’t you try calling your “friend” on his/her cellphone. Just a thought…

  14. 14
    Posted by guest | January 7, 2009 at 12:56 PM

    All the BofA chimps in NY will be going to banana peeling school next week

  15. 15
    Posted by guest | January 7, 2009 at 1:02 PM

    @11, great comment. no one ever shuts down groups in Houston

  16. 16
    Posted by guest | January 7, 2009 at 1:09 PM

    Oh Wideclops, how I missed you so…

  17. 17
    Posted by Clown Capital | January 7, 2009 at 1:10 PM

    @13
    The “cellphone” keeps going to voicemail. Not the office phone…

  18. 18
    Posted by guest | January 7, 2009 at 1:12 PM

    Oooooooh Wideclops! You came and you gave without takingggg
    Oooooooh Wideclops! You kissed me and kept me from shakinggg

  19. 19
    Posted by guest | January 7, 2009 at 1:14 PM

    my buddy from worked the commodity desk for MER in Houston, he was canned about 3 months ago.

  20. 20
    Posted by guest | January 7, 2009 at 1:17 PM

    my buddy from worked the commodity desk for MER in Houston, he was canned about 3 months ago.

  21. 21
    Posted by guest | January 7, 2009 at 1:24 PM

    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?

  22. 22
    Posted by guest | January 7, 2009 at 1:25 PM

    @10 – Not true.

  23. 23
    Posted by guest | January 7, 2009 at 1:36 PM

    @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.

  24. 24
    Posted by gAssman | January 7, 2009 at 1:41 PM

    Entergy Koch wasn’t all that special either

  25. 25
    Posted by gAssman | January 7, 2009 at 1:42 PM

    Entergy Koch wasn’t all that special either

  26. 26
    Posted by guest | January 7, 2009 at 1:43 PM

    agree with @9. just heard from my friend. commodities in NY canned. Houston staying

  27. 27
    Posted by guest | January 7, 2009 at 1:47 PM

    Didn’t/doesn’t the BofA team have a few Enron people?

  28. 28
    Posted by gAssman | January 7, 2009 at 2:04 PM

    Entergy Koch wasn’t all that special either

  29. 29
    Posted by guest | January 7, 2009 at 2:08 PM

    Bonus is : 2 Snuggies and a Shamwow

  30. 30
    Posted by guest | January 7, 2009 at 2:10 PM

    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?

  31. 31
    Posted by guest | January 7, 2009 at 2:17 PM

    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?

  32. 32
    Posted by guest | January 7, 2009 at 2:32 PM

    @30&31 – I’d eat the Twix?

  33. 33
    Posted by guest | January 7, 2009 at 2:39 PM

    Shamwow is so 2008. Slap/Chop is the new black.

  34. 34
    Posted by guest | January 7, 2009 at 2:50 PM

    What floor is commodities on?

  35. 35
    Posted by guest | January 7, 2009 at 3:14 PM

    @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.

  36. 36
    Posted by guest | January 7, 2009 at 3:54 PM

    agree with 35

  37. 37
    Posted by guest | January 7, 2009 at 4:22 PM

    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.

  38. 38
    Posted by guest | January 7, 2009 at 4:30 PM

    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.

  39. 39
    Posted by guest | January 7, 2009 at 4:34 PM

    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.

  40. 40
    Posted by guest | January 7, 2009 at 4:41 PM

    if true we’ll take them: http://www.Amerifutures.com

  41. 41
    Posted by guest | January 7, 2009 at 5:07 PM

    @38 “piker” great use of a classic

  42. 42
    Posted by guest | January 9, 2009 at 1:53 PM

    entergy koch never made any money

  43. 43
    Posted by guest | January 9, 2009 at 1:53 PM

    entergy koch never made any money

  44. 44
    Posted by guest | January 9, 2009 at 2:05 PM

    i heard that those guys at entergy koch were a bunch of clowns

  45. 45
    Posted by guest | January 9, 2009 at 2:22 PM

    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.

  46. 46
    Posted by guest | January 9, 2009 at 2:37 PM

    getting out of there was the best thing that ever happened in my life. what a bunch of posers

  47. 47
    Posted by guest | January 9, 2009 at 2:50 PM

    http://www.merrillhere‘syour401kiddingsucker.com

  48. 48
    Posted by guest | January 13, 2009 at 1:34 PM

    @ 24,42,44
    Buying Entergy Koch was the most profitable investment Merrill Lynch ever made.

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