Bank of America/Merrill execs leaving firm
2 more big names out the door. Is Bank of America doing anything right these days?
NEW YORK (AP) – Bank of America Corp. said Tuesday that chief
investment strategist Richard Bernstein and chief North America
economist David Rosenberg are leaving Banc of America
Securities-Merrill Lynch Research
“My years at Merrill Lynch have been some of the most satisfying in my career and I would like to sincerely thank my colleagues and clients, in the U.S., Canada and globally, for their support,” said David Rosenberg. “I truly believe in the strong ability of the Banc of America Securities and Merrill Lynch businesses going forward and wish the combined firm much success.”
"I leave the firm with very mixed emotions,” said Richard Bernstein. “On the one hand, I am very excited about the new challenges that lie ahead. On the other, I will miss the successes and growth that I know will come to the newly combined platform.”
The culture is definitely changing at ML and yes there are personal reasons but most likely the current culture clash and the scrutiny on pay probably pushed the move much earlier than it would have been. Those two are the most visible names of ML and research is a very important part of any firm. Rosenberg predicted the economic collapse and Bernstein also was very helpful to FAs. This is a real loss to the FA’s at Merrill Lynch.
It was a giant sucking sound that you heard. Ross Perot said that in the late 80’s I believeI have some non-financial ML oil/gas traders that are clients. I explained the culture to be was like Wal-Mart taking over Tiffany. LOL
[quote=Amp2Indy2006]It was a giant sucking sound that you heard. Ross Perot said that in the late 80’s I believeI have some non-financial ML oil/gas traders that are clients. I explained the culture to be was like Wal-Mart taking over Tiffany. LOL[/quote]
They will probably interview some tellers and other bankers that may lose there job. Welcome to the new culture. As hard as it may be to believe, it will definately get worse!!!