More Trouble In Bank Of America / Merrill Lynch Land
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The newspaper does claim, however, that, according to its sources, there was disagreement inside the bank as to whether this information needed to be disclosed.
And a US federal judge has so far refused to sign-off on the $33m settlement Bank of America reached with the Securities and Exchange Commission in respect of claims that the bank misled investors about the payment of Merrill Lynch bonuses. The judge, who is said to be concerned that the settlement may not be in the public interest, has now asked for additional information before he makes his decision. Although the $33m fine is small in comparison to the $3.6bn bonus payments, the smart money still expects the agreement to be rubber stamped in the end.
Finally, Dow Jones Newswires reports that not all Merrill Lynch brokers are happy with the appointment of Sallie Krawcheck as their ultimate boss, and the departure of 31-year Merrill veteran Dan Sontag. The newswire quoted one unnamed Merrill Lynch branch manager who said that he felt 'duped', complaining that Sontag 'gets to go lay on a beach somewhere with his millions, while we're stuck in the trenches...What we signed up for isn't what we have right now....My guys are worried we're going to turn into bankers now'.
Most high-earnings brokers are, however, thought unlikely to leave the firm, as they will have to return their lucrative retention payments in order to do so.
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