Panicked Bank Of America Scrambles To Staunch The Merrill Meltdown


This morning Bloomberg reported that Bank of Americais mounting an “aggressive” campaign to retain employees and even rehire several of senior Merrill Lynch investment bankers who quit after the firms merged. The report cited anonymous sources, those ever-present “people familiar with the efforts.”

We wouldn’t be surprised, however, if it turns out that it was senior Merrill Lynch executives who were putting this story out there. Both Brian Moynihan, who runs Merrill these days, and Dan Sontag, who oversees the brokerage, are said to be worried after several high level defections. Those include the departure of senior vice president in wealth management Mtich Cox, who resigned this week. Sontag, in particular, is said by other people familiar with the matter, to be worried that the high level defections reflect poorly on his leadership.

Samuel Chapin, a Merrill vice chairman who is known as a “relationship” guy, left in April. He’s reportedly been approached to rejoin the firm.

This morning, Bloomberg reported that Bank of Montreal has hired Merrill energy analysts Alan Laws and Phillip Jungwirth. Both are based in Denver.

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