Rumours Resurface About Power Struggle At Top Firm
More in BUSINESS NEWS
back-up- Top Firms Finally Hit By H1N1 Threat
- Top Firm Caught Out By Rogue Traders
- 'It's Not As If They Paid Great Bonuses In The First Place!'
- Top Firm Chain Letter
- Sisters Are Doing It For Themselves
- Dear All - 'I Am Not Interested' In Bank of America Job
- Bank of America, BNP Paribas, Goldman, JPMorgan, Galleon Group
- Old Traders Never Die - The Seance
- Click Here To Register For Free News E-Mail Alerts
- Speculation Mounts About Goldman's Bonus Plans
- Top Boss Tells Church Crowd 'Profit Is Not Satanic'
- Your Views On Bonuses (Poll Results)
- Bank of America 'Is Not A Monarchy'
- Bankers Will Have The Last Laugh On Pay
- 'There Aren't Many People Who Think Charlotte Is A Major Financial Center'
- Top Firm Delivers 'Another Big Disappointment'
- Bank Of America CEO Poll - Incredible Result
- Scruffy Civil Servant Warns Tax Dodgers
- BofA Said To Have Got Another Turn-Down
- Interview With Bernie Madoff
- Top Firm Dismisses Talk Of Further $10bn Writedown
- The Average British Soldier
- Top Firm Puts More Aside For Staff Compensation
- Firms On Alert As Insect 'Infestation' Crashes PC Networks
- Register Now For Free 'Old Traders Never Die' Updates
- Secretary Geithner's Written Testimony On Reform Of Financial System
- ISITC Europe Successfully Introduces New Operating Structure
- Dumb & Dumber - Incredible Details About Lehman Weekend Revealed
- The Cityboy Column
- The Man Bank of America Should Hire As CEO (But Won't)
- Goldman Needs To Give Away $1bn
- Top Firms Said To Have Lost $400m On Hedge Fund
- H1N1 Flu - Have You Got It ? (Quick Test)
- H1N1 Bank Call Center Transcript (You Couldn't Make It Up)
- 'It's Just No Fun Anymore!'
- Top Firm CEO Says He Won't Poach Staff From Rivals
- 'I Hate Recruitment Consultants' - Reader Comments
- Bohemian Bankruptcy
- 'I Hate Recruitment Consultants'
- Mack Attack - The Moment Big John Hit Back
- Compliance Training ? 'The Biscuits Were Good'
- Banker, Hire Thyself
- IT Recruitment - The Smart Way
- And Wall Street's Top Athlete Is...........
- John Mack On Saving Morgan Stanley
- Bankers Taught How To Be Killing Machines
- Banks Given Five More Days To Justify Bonuses
- Billionaire Madoff Investor Found Dead In Swimming Pool
- Top Bailed-Out Execs Averaged $18m Each In 2008
- The Vic Daniels Column - 26/10/09
Related Content
- Top Firm May Rein In Bonuses (19/08/2009)
- Top Firm Said To Have Got Its Timing Wrong (Again) (26/08/2009)
- Mass Defection At Once-Top Firm (13/10/2009)
- Top Firm Said To Have Scored Own Goal (19/10/2009)
- Top Firm Chain Letter (05/11/2009)
- Top Firm Said Planning Hiring Spree (20/08/2009)
At issue appears to be the way that the European operation is run. Merrill is said to want to continue to operate a decentralized model, whilst Bank of America seeks a 'command and control' structure, which most Merrill staff seem to regard as cumbersome and bureaucratic. MarketWatch quotes one unnamed London-based former Merrill staffer, who said that the view is that 'we'll do it the Bank of America way and no other - even though that got them nowhere in European investment banking for the past 5 years'.
In the meantime, Merrill staff point out that $3.7bn of the $4.6bn in the first-quarter profits Bank of America reported Monday were brought in by Merrill units, although cynics point out that the strong fixed income earnings are unlikely to be repeated through the rest of the year.
Finally, Bloomberg reports that Connecticut State Treasurer Denise Nappier, who heads up the state's Retirement and Trust Funds, has confirmed that she will vote against the re-election to the board of CEO Ken Lewis and two other executives.
Please use the 'E-Mail' immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
