Word: firms
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...record division is expected to make $312 million, with the publishing sector bringing in an additional $218 million. That will cover Terra Firma's interest bill of about $350 million. But it's not enough to keep Citigroup happy - the bank had agreed to lend the venture-capital firm $4.2 billion only if EMI could hit certain performance targets. As EMI's accounts dolefully note, there is a "significant shortfall" between the profit likely to be generated in 2010 and the target previously agreed upon...
...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...
...Monday, John Thain, who was Merrill's chief executive when the firm sold to BofA, got the top job at troubled lender CIT. Thain said he was interested in the opportunity to revitalize the small-business lender. "CIT can and will serve an important role in the recovery of the U.S. economy and the creation of jobs," Thain told reporters...
...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...
...recent rebound in profits of financial firms has restarted the Wall Street hiring machine. And former executives from the firms that stumbled in the financial crisis are turning out to be hot commodities. Merrill Lynch is not alone. The failures of Lehman Brothers and Bear Stearns have produced hunting grounds for other firms as well. But either because Merrill was a larger firm or because it didn't have as big a role in sparking the credit crisis as Lehman or Bear, it seems that no firm on Wall Street these days is without a former top executive from Merrill...