Word: bankes
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...deal in which he would inject $1.56 billion into EMI if Citigroup wrote off about the same amount in debt. Citigroup said no and offered instead to write off $1.56 billion in debt in return for controlling ownership of the company. Hands refused and then sued Citigroup, claiming the bank had persuaded him to pay too much for EMI in the first place. Now the two sides aren't speaking. Hands says Citigroup is playing "hardball for no good reason," while the bank feels that Hands is being unrealistic in his demand to remain in control...
...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...
...would have a hard time finding work on Wall Street, given the poor economic conditions and the stigma of their previous employer. What's more, news that Merrill Lynch had paid out big bonuses despite huge losses on the eve of being bought out by BofA made the investment bank and its executives in early 2009 the poster children for bad behavior on Wall Street. (See the worst business deals...