Word: lynchings
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...typical for executives to leave their firm after it has been acquired. But Bank of America's acquisition of Merrill Lynch has turned out to be a recruiting bonanza for other Wall Street firms. In December, Morgan Stanley hired former Merrill president Gregory Fleming to head the firm's investment-management division. Another top former Merrill executive, Bob McCann, was picked to run the wealth-management division of Swiss bank UBS, which has more than 8,000 brokers. (See the best business deals...
Bank of America says it doesn't know what percentage of Merrill Lynch's employees remain at the bank, though many have stayed. Thomas Montag, who runs the corporate and investment-banking operations of BofA, is from Merrill Lynch...
Shortly after the financial crisis, many predicted that employees of firms that either failed or nearly failed would have a hard time finding work on Wall Street, given the poor economic conditions and the stigma of their previous employer. What's more, news that Merrill Lynch had paid out big bonuses despite huge losses on the eve of being bought out by BofA made the investment bank and its executives in early 2009 the poster children for bad behavior on Wall Street. (See the worst business deals...
...recent rebound in profits of financial firms has restarted the Wall Street hiring machine. And former executives from the firms that stumbled in the financial crisis are turning out to be hot commodities. Merrill Lynch is not alone. The failures of Lehman Brothers and Bear Stearns have produced hunting grounds for other firms as well. But either because Merrill was a larger firm or because it didn't have as big a role in sparking the credit crisis as Lehman or Bear, it seems that no firm on Wall Street these days is without a former top executive from Merrill...
...Citigroup, Eugene McQuade is running the bank's North American retail-banking operations. McQuade was formerly the head of Merrill's banking operations - a considerably smaller job than the one he has at Citi. Investment banks Jefferies and recent upstart Moelis & Co. have also picked up former top Merrill Lynch bankers. (See the top 10 financial collapses...