Word: americas
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Dates: during 2010-2019
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...little more than a year after Merrill Lynch was officially swallowed by Bank of America, many of the executives of the once storied Wall Street firm - which used the animal that is synonymous with rising stock markets as its mascot - have landed in leadership positions around the financial world...
...typical for executives to leave their firm after it has been acquired. But Bank of America's acquisition of Merrill Lynch has turned out to be a recruiting bonanza for other Wall Street firms. In December, Morgan Stanley hired former Merrill president Gregory Fleming to head the firm's investment-management division. Another top former Merrill executive, Bob McCann, was picked to run the wealth-management division of Swiss bank UBS, which has more than 8,000 brokers. (See the best business deals...
...Bank of America says it doesn't know what percentage of Merrill Lynch's employees remain at the bank, though many have stayed. Thomas Montag, who runs the corporate and investment-banking operations of BofA, is from Merrill Lynch...
...pegged to the dollar, any massive sale would lead to a steep decline in the Chinese currency and economy. China's holding of U.S. debt is leverage only in a theoretical world where it could dump its U.S. assets or stop buying more. What's more, even a hobbled America is the world's largest economy and the most significant market for Chinese goods. In 2009, a supposedly bad year, Chinese exports to the U.S. were approximately $300 billion, about the same as in 2007. That is a vast source of income for China - and one that no other part...
Karabell is the author of Superfusion: How China and America Became One Economy and Why the World's Prosperity Depends on It (Simon & Schuster 2009) and president of River Twice Research (rivertwice.com...