Former Merrill Lynch president Greg Fleming was spotted recently in a breakfast meeting with Jamie Dimon, the chief executive of JP Morgan Chase.
A source tells us that the two men seemed to be getting along very well during breakfast but it was definitely a “business meeting.”
Fleming, who was the chief mover behind the deal to sell Merrill to Bank of America, has been on the sidelines since January, when he left the bank following the merger. He has been teaching a course in business at Yale Law School. Many on Wall Street expect he will soon make a return to investment banking, and may be looking for a new position already.
We’re told that Fleming may also be being pursued by Morgan Stanley’s James Gorman. Last week, Morgan Stanley revealed that its chief, John Mack, would be stepping down on January 1st and would be replaced by Gorman. Gorman, who rose to prominence at Merrill before going to Morgan Stanley, is said to be actively pursuing former Merrill colleagues, many of whom have been displaced or simply feel out of place in the wake of the Bank of America merger.
It’s only been a year since the week that rocked Wall Street to its core but already its clear that the game has once again changed. Executives at investment banks and brokerages have recovered from the shock of 2008, and the much heralded “Death of Wall Street,” and are once again looking to defeat rivals, poach talent and ramp up risk taking. Wall Street is–however quietly and unofficially–no longer dead.