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Bank Of America Cancels Christmas?

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Or just Christmas for legacy Merrill employees? We just received the following tip:

No Christmas parties this year for ML offices.

And, obviously, I don't want to believe it. Merrill did this last year, but that's because, you know of the pesky matter of billion in losses. But now they should be all good in the hood and primed to partay, no? And why make the decision so soon? Even if the idea was being considered, why not string people on just a little longer? Does Feinberg have a role in this? Surely there's a logical explanation, and if has to do with canceling Xmas in legacy ML offices so funds could be consolidated for Ken Lewis's holiday party/send-off extravaganza, we have no problem with that.


Layoffs Watch '12: Bank Of America Australia

The House of Moynihan has said goodbye to a bunch of employees down under. Bank of America Merrill Lynch has begun a new round of job cuts in Australia, a person familiar with the matter told Deal Journal Australia, becoming the latest investment bank to cut costs amid light deal flow and sluggish equity markets due to the stuttering global economic recovery. Fewer than 10 staff from the bank’s equities sales and trading division have been let go, the person said, without elaborating further. Bank of America Merrill Lynch Cuts Staff in Australia [Deal Journal]