Bank of America Merrill Lynch

So, that’s something. Read more »

Earlier this week, we learned that Bank of America has a number of very unhappy ex-Merrill Lynch brokers on it hands. Their beef? New business cards that feature a slightly smaller bull than in times past, an obvious affront, as they see it, to the Merrill brand. While no formal demands have been made, it’s clear that in order to be made happy, the former Mother Merrill employees will need to see the bull reinstated to its former size and glory. And, sure, an apology from Bank of America brass for the lack of respect would be nice. At this time, CEO Brian Moynihan is yet to make a formal statement regarding the redesigned cards, but rank-and-file BofA-ers, at least those with access to MS Paint, have sent a message that they are less than sympathetic. Read more »

As many of you will recall, back in 2008, then Bank of America CEO Ken Lewis agreed to buy Merrill Lynch. While it wasn’t a Countrywide-level disaster of an acquisition (i.e. a bomb that’s never stopped going off), it wasn’t Lewis’s best laid plan, which is why he actually tried to get out of the deal at the 11th hour, only to be told by former Fed Chair Hank Paulson that if he wanted to keep his legs, he’d go through with it. The merger didn’t sit right with a large contingent of Merrill brokers, but they chose to go along with it for the greater good. Still, they made a solemn swear to each other that they’d fight even the smallest perceived slight to their brand and five plus years after the deal went through, they’ve kept their word. Read more »

Back in January, Bank of America did something radical. Something so wild that it had to be seen to believed. It told junior bankers to only work two full weekends a month. Now that enough time has passed for that to sink in, management is back with another drastic move affecting company youth. Read more »

  • 27 May 2014 at 12:59 PM

Bank Of America Is Gonna Try This One Again

Bank of America Corp. said Tuesday that it had resubmitted its smaller stress-test capital plan to the Federal Reserve. The announcement is the latest step as the bank navigates the aftermath of a $4 billion capital error it disclosed last month. The error, disclosed April 28, forced the bank to suspend its plans for returning capital to shareholders, and the Fed had given it until Tuesday to submit a new plan. [WSJ]

Bank of America Corp. Chief Financial Officer Bruce Thompson provided few details Wednesday on the capital miscalculation that last month forced the bank to suspend its plans to raise its dividend…Asked by Barclays analyst Jason Goldberg how the error had happened, or how it might color the Federal Reserve’s view of the bank, Mr. Thompson repeated points the bank has made for the past two and a half weeks: The error didn’t affect earnings, was discovered internally, and was reported promptly to regulators. The error resulted in the bank’s capital ratios being lower than previously thought, though the ratios are still higher than regulatory standards. Mr. Thompson said Wednesday that “we need to get back on track with respect to the progress we’ve made” on the capital ratio. He said the bank would “get back to doing a great job” on the stress test process and share buybacks. [WSJ]

For the most part, Bank of America chief Brian Moynihan is not the type of guy who inspires intense fan frenzy. Lloyd Blankfein has teems of people who want to pinch his adorable cheeks and carry him around in their pocket for good luck. Jamie Dimon has his groupies. But Moynihan? Not so much.

UNTIL NOW. Read more »

At the meeting, management discussed the bank’s recent $4 billion error in calculating capital needs. Chief Executive Brian Moynihan called the mistake “disappointing” and Chairman Chad Holliday said the bank’s “goal is zero errors all the time.” [Reuters via Lauren LaCapra]