The Financial Times weighs in on the Bank of America-Merrill Lynch deal a year later. It concludes that Bank of America certainly overpaid for the firm, but there have been benefits, as evidenced by the most recent earnings. "If it were not for profits generated by Merrill's trading operations and financial advisory practice, the outlook for the bank would be considerably darker."

For the first half of the year, Merrill's legacy businesses generated $20.9 billion in revenues for Bank of America, according to analyst Richard Bove. In addition, Merrill's role in M&A has boosted the combined banks' advisory role in high-profile deals this year. All in all, the jury is out, but the combination may well work. That said, all the controversy and ill will spelled the end of an era and tarnished the legacy of CEO Ken Lewis. 

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