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 »

  • 25 Feb 2011 at 12:05 PM

Bonus Watch ’11: BNP Paribas

Apparently the French have some unhappy employees, who didn’t know they were contractually entitled to nothing, on their hands. Read more »

  • 29 Sep 2010 at 3:57 PM

Mike Mayo Brings The Thunder

As we type, Mike Mayo and Vikram Pandit are having their long-awaited meeting. Prior to the sit-down, Mike Mayo released his “briefing book,” detailing the shit he planned to nail Citi to the wall for. Given his anger over not being invited over to the bank for the last two years, and the ensuing acting out by telling people that Citi is “not to be trusted” and that not even Jamie Dimon could save that shit-hole, one would presume Mayo’s list of reasons for why the bank will soon be consigned to the scrap heap of corporate history would be unimaginably damning. Here’s what he came up with. Read more »