Monday, January 5, 2009

They should have lasted at least a month

Culture Clash: Broker Chief For Merrill Quits BofA - Thain, who wound up as president of the BofA/Merrill wealth management division, announced that Robert McCann, the head of brokerage at Merrill, and then to BofA, is leaving.

That raises a ton of questions about the acquisition. If BofA couldn't hold on to McCann, how does it expect to hold on to the rest of the field?

This was not unexpected. Despite what some outside the field might think, banks and brokerage do not mix well. Different mind sets, and there has been a clash at every brokerage-firm-owned-by-a-bank that I have ever been involved with.

How long does BofA have to keep Merrill before it annouces a spin-off of its "brokerage unit"?
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