Wow. Just a few days after Bank of America swallowed Merill and it seems like the vestiges of last year’s leadership struggle have torn apart the corpse of Merrill.
First brokerage king Bob McCann left. Now Fleming is out.
The head of Merrill Lynch’s investment banking, who has been credited with putting together the deal to sell Merrill to Bank of America, is leaving the firm, Charlie Gasparino just reported. Fleming, who had been at the centre of the leadership struggle that raged within Merrill last year, is reportedly leaving because of “tensions” at the firm. Although Bank of America is said to be attempting to convince Fleming to remain, Gasparino says he is probably headed to Yale.
It recently lost Bob McCann, a decades long veteran of Merrill Lynch who had risen to lead the firm’s brokerage business. Fleming and McCann were on opposite sides of the leadership struggle last year, so it is fascinating that both men have decided not to remain at Bank of America. In December, Merrill lost Jeff Edwards, a 22 year veteran who worked with capital markets and corporate finance clients.
Fleming was slotted to head global corporate and investment banking at Bank of America. This was a step down from his role as president and chief operating officer of Merrill Lynch. He basically had supervision of Merrill’s brokerage business stripped away from him. This was a long way to fall for a man who was rumoured to have been short listed to head Merrill after Stan O’Neal was forced out. That job, however, went to John Thain. There have been rumblings since at least October that Fleming was looking for an exit.
Fleming has a law degree from Yale, so it’s not shocking he’s headed back to New Haven.