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Thundering Herd
Latest Headlines
Latest Headlines
Bank of America: Small customers don't contribute to bottom line
There was a day when Bank of America prided itself on being a massive consumer bank. It truly was the bank of America.
But CEO Brian Moynihan was pretty frank at a recent conference about something we all knew: Many of the bank's smallest-account customers no longer contribute to the bottom li
Bank of America shakes up executive suite
It's never a good sign when a company announces two major executive shake ups in short order. The danger is that the second move comes across as a sign of desperation and an indication that the bank just can't get its management in order.
Is Bank of America at the point of desperation? The sto
Bank of America CEO Moynihan faces tough challenges
So how far will Brian Moynihan go to undo the legacy of his tainted predecessor, Ken Lewis, who left the bank on the brink of ruin for Moynihan to rebuild? The CEO of Bank of America faces an array of challenges that presents the opportunity to do something dramatic.
The recent U.S. downgrade
Bank of America might ponder Merrill Lynch sale
It's no secret that Bank of America ( NYSE:BAC ) is weighing more asset sales to shore up its capital position ahead of new capital rules from Basel III. But how far will it go? Few would be surprised if it sold all or part of its $21 billion stake in China Construction Bank Corp. But would it g
Merrill Lynch departures suggest lack of bank-brokerage synergies
Will the Bank of America Merrill Lynch combination ever truly work? That's been a huge question in the industry ever since the deal was announced, and so far few people are willing to respond with a resounding yes. The jury is still out. And it could be deliberating for a long time. But there are
Krawcheck taps Merrill Lynch vet to run brokerage unit
Sallie Krawcheck has made one of the most important hires in her career at Bank of America ( NYSE: BAC ), tapping John Thiel to run the bank's brokerage operations, the company announced.
Thiel gains responsibility for Merrill Lynch and will be tasked with brining it fully into the Bank of A
Krawcheck close to hiring asset management head
So who will Sallie Krawcheck choose as the next head of Merrill Lynch? Recall that Lyle LaMothe stepped down a month ago as head of the vaunted Thundering Herd, which is still adjusting to life as a unit of Bank of America. Since then, people have been speculating about his replacement, which Re
Merrill Lynch broker's suit denied class action status
Way back in November 2005, a suit was filed on behalf of George McReynolds, a 22-year Merrill Lynch ( Merrill Lynch news) veteran in Nashville, Tennessee, accusing the Thundering Herd of discriminating against African-America brokers in various ways. Specifically, the firm was accused of steeri
Can Bank of America make Merrill Lynch work?
Sallie Krawcheck's legacy will be determined in large part by whether she can get Bank of America ( BAC ) and Merrill Lynch to really work. Most agree that's going to be a hard job, and it remains to be seen how Krawcheck will fare. She may fail or succeed, but she will likely do so in a fis
What's up at the big three retail brokerages
Reuters notes that the top retail brokerages are all undergoing fairly significant integrations at the moment. Bank of America ( BAC ) acquired Merrill Lynch's Thundering Herd--it has 14,800 brokers. Wells Fargo ( WFC ) acquired Wachovia, which itself had acquired a few small brokerages--t
