The BofA Merrill Lynch global M&A head, Jeff Kaplan, is said to be joining David Tepper’s Appaloosa as COO.Steven Baronoff is taking over for Kaplan at Bank of America.
This is also an interesting move because Tepper is hugely invested in Bank of America.
So now we have more reason than ever to watch what he does with the stock.
He added $3 million shares last quarter. It’s his second biggest holding after Citi. He’s Bank of America’s 46th largest shareholder.
Wall Street bonuses are probably to blame for Kaplan’s aggressive “in your face, Bank of America,” move. They’re down this year, and even though banks no longer reward short-term performance every year, hedge funds still do.
Here’s what we know about Kaplan.
He was on CNBC in September talking very positively about the future of the M&A market before the end of 2010 because of potential changes in the capital gains arena.
Be mentioned that he believed the boom M&A market would dwindle after the rush or “binge” in his words.
He said that M&A activity only really happens when people believe that we’re in a recovery, in the end, and that what he was seeing in September suggested that CEOs believed that.
He’ll join Appaloosa in April, according to MarketWatch.