Bank of America must thank god for Tom Montag: the most senior guy who’s still left at the firm after the Merrill merger with Bank of America.Many of the other senior Merrill employees, on the other hand, have since left the firm, damaging its European banking sector — and probably the firm’s earnings.
Here’s who’s left since the merger, according to Bloomberg:
- Head of Europe corporate and investment banking Mark Aedy
- Financial-services adviser Caroline Silver
- Capital-markets banker Michael Findlay
- Health- care banker Richard Girling
- Matthew Greenburgh, an architect of the Royal Bank of Scotland Group Plc purchase of ABN Amro Holding NV in 2007.
- Italy’s investment-banking head Andrea Pellegrini left for Nomura
- France’s corporate and investment-banking head Marc Pandraud quit for Deutsche Bank AG.
And here’s why, according to Bloomberg:
Former senior employees resigned because the company promoted Bank of America executives over those from Merrill, there was a lack of clarity on compensation following the merger and a cultural clash between a Wall Street investment bank and a consumer lender, say people with knowledge of the departures.
The firm will announce earnings on Friday, and they’re not expected to be all that great. Here’s what Christian Meissner, Bank of America’s head of i-banking for Europe, the Middle East, and Africa said:
“This is a people business, and clients like consistency,” Meissner said. “When you lose senior people, you suffer. Our Asian business, which has had a tremendous year, is a good example of what can happen when you reverse the trend.”
On the bright side, that’s an ego boost for those 7.