Merrill Lynch Bankers Just Want To Live, Damn It!
And don't get them started on this guy.
Merrill Lynch bankers (of which there are becoming fewer and fewer each day!) who survived the merger with Bank of America have had, by now, quite a long time to get used to the new BofA way of doing things. But 7 years after Hank Paulson and Ben Bernanke put a gun to Ken Lewis's head and said "You're gonna buy this bank or you're gonna buy a new pair of kneecaps," legacy Merrill employees' irritation with their new overlords is still fresh as a flesh wound. Management breathing down their necks, using that stupid "Bank of America Merrill Lynch" name, time cards?? They can't work like this! Just ask them, they'll tell you!
Many Merrill bankers, used to operating in regional fiefdoms, have long been annoyed at Bank of America’s stricter oversight of their business decisions like hiring and compensation, said people familiar with the matter. A few years ago, Mr. Montag supported an idea to call his units “Merrill Lynch” rather than their current title, “Bank of America Merrill Lynch,” people close to the situation said. Some bankers thought the Merrill Lynch brand would be more appealing to some clients. Mr. Moynihan, who disagreed, won out. Bank of America’s more regimented culture has manifested itself in various ways. Senior bankers have chafed at a requirement that they fill out time sheets documenting how they spend each hour, current and former employees said. The bank has also cut back on leveraged loans due to tougher regulatory scrutiny, even while some rivals pressed ahead.
And the friction doesn't start and end with rank and file employees.
Tom Montag, [now] president of global banking and markets, joined Bank of America when it bought Merrill, though he had been at Merrill only briefly at the time. People at the firm said he presents a personality contrast to Mr. Moynihan, a detail-oriented workhorse who isn’t known to be gregarious. Mr. Montag spent much of his Goldman career in Japan, has been known to sing karaoke at work functions and frequently walks the trading floor to chat up employees, people who have worked with him said. The two executives aren’t personally close, people familiar with the matter said.
It's enough to make everyone want to quit, assuming they're not firedfirst.
...it is the only large U.S. bank to post a decline in revenue from trading, investment banking and related activities for the first half of this year. The bank has lost ground in areas it has identified for expansion, such as mergers and acquisitions. Recently, more managing directors in the investment bank have departed than at rivals J.P. Morgan Chase & Co. and Citigroup Inc. combined.
We're just glad Stan O'Neal isn't around to see this.
BofA Merrill Confronts Austerity [WSJ]
Programming Note: This is your daily/weekly/monthly/quarterly/reminder that in addition to the indignities listed above, Merrill Lynch employees (AKA Bank of America employees) cannot read missives like this because Dealbreaker is still blocked by the firm. Whether this is because Bank of America hates free speech and therefore, AMERICA, or Brian Moynihan can't take another distraction during the work day is unclear. In any event: FREE DEALBREAKER.
Earlier: Layoffs Watch ’15: Bank Of America Thinking You Can’t Teach An Old Bull New Tricks; Layoffs Watch ’15: Bank of America Is Bidding ‘A Couple Hundred’ Bankers Adieu
