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Not I, But this is an interesting Sunday night for the Financial market
yup, NY NT… should be an interesting morning tomorrow
Yes, the managers hold a meeting with the whole team that can be summariesed into: -BAU, so the work is normal -Good move for EMEA as BOA has basically no presence here -A bit shock to everyone -All senior management are having extensive meetings For me, this potentially mean no job cuts until 6 month later
So u think no axe until 6 months? I think 1-2 months max with 30-40% reduction
CSK, interesting thoughts. I thought that normally this kind of exercise will start only when all the required approval are in place. Probably agree with you if the takeover clapes
theKing Wrote: ------------------------------------------------------- > CSK, interesting thoughts. > > I thought that normally this kind of exercise will > start only when all the required approval are in > place. > > Probably agree with you if the takeover clapes This blows. Any party at PJ Clarks today :)?
I was part of Merrill that got aquired by BlackRock. So I now work for them. Should be interesting to see how the 49% portion owned by ML is treated.
i work for ML Private bank not the I Bank so we are safe - for now - as long as the deal goes through. BUT here’s my question… why would BOA buy ML for $29/share when it’s trading at $17, there are no other buyers and everyone knows we are opening way way lower on Monday? seems either forced or a gentleman’s handshake for the time being. Any merger arb. guys out there, what do you think? will it go through? congrats to those on passing L II
^ It is not $29/share it is 0.859 shares of BAC stock. So as of today BAC $29*.859 =$24.90 MER trading at $21.50. $3-4 is because risk BAC will need a capital raise so equity could get diluted 10%+ which makes stock even less valuable. Also I don think this closes until Q4, alot of shit can happen with BAC, they put up some stinker number or guidance and stock could get crushed. Is there potential Arb? maybe. Is there free money? No.
i think more BAC people will be let go, than MER. especially in i-banking.
I couldn’t agree more. Not a ton of talent in I-banking at BAC. Number one on my list to get the bullet is the “Vice Chairman”, the artist formerly known as “The Power Analyst”
As mentioned before, I work at BLK and partner with ML folks on a daily basis. Over the last two days the mood has varied. In speaking to FAs, most are quite optimistic. They are hoping for large retention bonuses with heavy cash and minimal deferred comp. I’ll post back when I hear what they are offering. The most worry seems to be coming from Merrill Lynch Trust Company. With BACs acquisition of US Trust, it doesn’t seem like many of their jobs are safe.
The FA’s are getting sizable reteention bonuses but only the large producers. They are also getting an increase, and a sizable one, on their commission pay-out. The Stock or FCAAP to those ML people from what i undersatnd is not goig to be resolved leaving many unhappy. that’s the latest.
I work as an FA for ML. All I can say is that I went from very unhappy to be owned by BofA to extremely happy now! When I started for ML 14 years ago I thought we were invincible… geez…
what office are you in crablegs?
No more the term “mother Merrill”?
Beverly Hills (I know… sounds cheesy…)