Superhuman Bank Of America Exec Conducted A Few Conference Calls In Slightly Less Than Desirable Conditions

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Meet Lisa Carnoy. She's the Bank of America lady exec who last month helped the company raise $19.29 billion. That makes her kind of a Big Swinging Deal (?), so the Observerspent some time getting to know her a little better. Here's what they found out:
* Carnoy likes sports, and beer, ostensibly:

MS. CARNOY'S CORNER OFFICE in the Bank of America Tower on 42nd Street is decorated with a football, four tennis balls, a basketball, two Foster's cans, a Mets lunch box, a Mets home plate and a Louisville Slugger baseball bat.

* Sometimes she laughs, and other times she doesn't laugh:

She is an eccentric conversationalist, sporadically bursting into large laughter, then settling into long and odd silences.

* She puts personal touches on her deals:

...she included her team's personal fitness programs and favored yoga positions in a pitch to Lululemon Athletica

* She worked late into the night a few times, and, on at least one occasion, over a holiday:

Ms. Carnoy is an aggressive optimist, and an aggressive employee. Two years ago, when she was Merrill Lynch's co-head of equity capital markets for the Americas, desperate to raise equity for a firm collapsing under subprime catastrophes, she spent Christmas morning on a conference call in a hotel bathroom. Another night, she guided her daughter out of her bedroom's princess tent at 3 a.m., crawling inside to speak with a sovereign wealth fund manager.

* She's a freedom-fighter

Even though she was once an American history major, the enormity of last month's offering didn't press down on her quite as hard as her earlier work to raise money for flailing Merrill. But it pressed nonetheless. "This deal is not fighting for our survival, but fighting for our freedom," she said. "And also to show the world that this combined company is working, it's profitable, it's successful, it's able to raise all this money and off we go."


Whistleblowing Bank Of America Quite A Bit More Lucrative Than Working For Bank Of America

Just something to keep in mind. A former Countrywide Financial Corp. manager whose fraud suit contributed to the mortgage industry’s $25 billion settlement with federal and state regulators received about $14.5 million for his efforts, his lawyers said. Kyle Lagow, an appraisal manager for Countrywide from 2004 to 2008, claimed that Countrywide inflated the value of homes to support bigger loans, according to a statement today from Seattle-based law firm Hagens Berman. Charlotte, North Carolina- based Bank of America bought Countrywide in 2008 to save it from collapse as defaults on home loans soared. Lagow’s information helped prompt a $1 billion settlement of Federal Housing Administration claims announced by Bank of America in February, according to the law firm. The sum was included in the nationwide settlement reached that month. [Bloomberg]

Layoffs Watch '12: Bank Of America

In April 2010, Bank of America said ENOUGH. Enough with this losing of money business. We want to know what it's like to have a quarter in which we actually make a little-- wouldn't that be something? As this was a very lofty goal for the firm, the higher-ups knew they had to get serious-- really focus and hone in an on plan of action. First, they gave their new (money-making) mission a special codename: Project New BAC. Then, 44 executives "fanned out around the company to ask employees low- and high-level for ideas on how BofA [could]...reduce expenses." As we now know, what they came up with re: the reduction of expenses was that 30,000 people should be fired and over the last year, exactly that has happened. And even though a whole bunch of senior people have quit, which has helped the bottom line a bit, it hasn't been enough for meddlesome investors to put a sock in it re: "reining in expenses" and "profit outlook" in general. So, a couple things are going to happen: 1. A whole bunch of well-paid* bankers are going to be escorted out of the building and 2. In order to pick up the slack left, clusters of junior bankers are going to put in a van which will drop them off in whatever division needs them most at the time. The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America's 2009 purchase of Merrill Lynch & Co. The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis. The cuts come on top of a plan announced last year that will see Bank of America eliminate 30,000 jobs over three years in its consumer banking divisions...The No. 2 U.S. bank by assets already is facing a wave of high-profile defections in its institutional businesses, such as investment banking, amid Wall Street's annual post-bonus job-hopping season. The upheaval comes as investors are pressuring banks to rein in expenses without giving ground competitively. Despite a 46% rise this year, Bank of America shares have lost a third of their value in the past year, amid questions about the industry's profit outlook. Cutbacks aren't Bank of America's only response to surging costs. The bank is loath to cut too deeply in businesses, such as the fixed-income trading operation, that are showing improvement and highly competitive. One structural shift being planned will pool junior investment-banking employees across different industry sectors so the younger bankers can be routed to whatever area is most in demand at that moment, said people familiar with the situation. Proponents say that move will help younger workers gain more experience, while others say it will detract from the bank's service to clients. BofA To Cut From Elite Ranks [WSJ] *For BofA.