Divorce: Bank of America Style

Julio C. Acero COM100 Professor Selnick May 6, 2009 Divorce: bank building of the States Style I. minimise of Merrill lynch/ coast of the States a.Merrill kill was established in 1914 by two prominent new-sp fleetg(prenominal) York bankers. It rose to international jut in the late 60s primordial 70s through its tender York trading desk. Huge pretender in CDO market of the early 2000s, fired CEO Stanley ONeal in 2007 after discovering $8 billion loss. i.Hired big board CEO and former Goldman Sachs chair John Thain to succeed ONeal. Thain began by purging the Merrill lynch board of ONeal ally and installed many of his former big board and Goldman Sachs colleagues to high paying administrator jobs. From 2007 to 2008 John Thain and the new Merrill sell billions in toxic assets unless a multibillion dollar loss was palliate to come in 2008. ii.Thain assembled a finance dream team which consisted of executives from other study firms, most of them former colleagues of Thain. Thomas Montag was installed as Merrills master(prenominal) of sales and trading. Thain managed to lure Peter Kraus from Goldman Sachs to head Merrill Lynchs strategic planning sector, and received a $25 one million million million guaranteed pay package. b.Bank of America was founded in San Francisco in 1904. Grew into a national leader in branching banking throughout the century.

Bank of America developed into a penny-and-dime organization when Kenneth D. Lewis became CEO of Bank of America. He established a no-nonsense, ask questions root expectation in the corporate social structure at Bank of America, which was at a time run far from the glamour of NYC, in Charlot! te, North Carolina. i.Bought attribute eyeshade giant MBNA, expanding its national business. Bank of America as healthy purchased US Trust, a prominent bank at that time. Lewis archetypical mistake came with their 2007 purchase of Countrywide Financial, a major hammer in the subprime lending game of the early 2000s. ii.During 2008, huge losings began to show on Bank of Americas correspondence sheet, losses linked to the...If you want to get a extravagantly essay, order it on our website: BestEssayCheap.com

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