Thinking About Seeking Employment At Merrill? Think Again!

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Updated:: Jan 14, 2019
Original:: Aug 13, 2008

Changes afoot at Merrill Lynch today. Not profitability or anything crazy like that but perhaps a step in that direction? The firm has instituted a global hiring freeze to last at least through next year. The ban on personnel includes "no incremental hires," "no on-boarding* of contingent workers," and "no new management consulting." Presumably it does not extend to the many current and former Goldman employees Thain would like to bring on. Blurry memo after the jump.

*Waterboarding of contingent workers, however, is encouraged.

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Remember in 2008, when Ken Lewis was all, "Oooh, wait, I don't know about this Merrill Lynch thing" and tried to back out of buying the bank? And Hank Paulson threatened to stuff him in a meat locker if he did so Ken Lewis said okay, fine, I'll do it? BAC investors are still upset about that. Bank of America directors’ $20 million settlement of investor lawsuits alleging the bank overpaid when it bought Merrill Lynch & Co. amounts to just 4 percent of the board’s $500 million in insurance coverage and is inadequate, lawyers objecting to the accord said. Attorneys for Bank of America shareholders suing in Delaware over the $50 billion acquisition of Merrill Lynch have asked a judge in that state to keep their claims alive even though a federal judge in New York is considering a $20 million settlement of almost identical suits brought by other bank investors. If that accord is approved, it could wipe out the Delaware claims. “The proposed settlement is grossly inadequate and represents only 0.4 percent of the value of the $5 billion derivative claims that the Delaware Derivative Plaintiffs have been vigorously pursuing,” lawyers for the Delaware investors said in a Delaware Chancery Court filing late yesterday. The settlement also amounts to “only 4 percent” of available insurance, they said. Disgruntled shareholders contend the board and former Chief Executive Officer Kenneth D. Lewis misled them about the brokerage firm’s losses leading up to the buyout and should have pulled the plug on the deal. Lewis, who left Bank of America in 2009, is now chairman of Chicago-based LaSalle Bank NA. [Bloomberg]

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John Thain's not sure why the disparity between his pay and his employees' pay is anyone's business but his own.

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