When Merrill Lynch settled with plaintiffs in a class action suit alleging systematic discrimination in the ranks of the Thundering Herd, primary plaintiff George McReynolds was no doubt pleased. The company agreed to pay an extraordinary $160 million in a case decided in favor of 1,400 black brokers, a record for a racial bias case, notes Bloomberg Businessweek.
Bank of America is about to embark on an interesting experiment. Can it keep one of the most storied brands in the financial services industry alive, even though there is no corporate entity solely behind the brand? Will the once-proud brand still carry the same cachet?
The news that top Wall Street banks have formed a partnership to develop an alternative to Bloomberg's chat service is not novel. The financial information juggernaut, which has its eyes on electronic trading as well, has long inspired fear in top banks, even before it became the leading vendor.
Morgan Stanley's (NYSE:MS) wealth and investment management business has a new Head of Technology.
Investment firm clients want their information available on iPhones and iPads-- and this means more work for CIOs and their technology teams.
Bank of America has (controversially) settled with the SEC and with shareholders over charges related to its acquisition of Merrill Lynch.
For all its recent woes, Bank of America remains a formidable brand. As does Merrill Lynch.
The financial crisis of 2008 and its aftermath were anything but kind to John Thain, who at one point seemed to have a golden career, one that took him from Goldman Sachs to the CEO's office at NYSE Euronext to the top job at Merrill Lynch, where he ultimately unraveled.
About 80 percent of the revenue at Merrill Lynch can be attributed advisors that began their careers with the company.
Thanks to private litigation wending through the system, lots of material related to the controversial Bank of America deal for Merrill Lynch, which closed on January 1, 2009, has been recently released.