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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: Merrill Lynch

Merrill Lynch stories: 155 news summaries

21 - 40 of 155 Stories | << Prev 1 2 3 4 5 6 ... 8 Next >>

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 Brain Drain Wallops Wall Street 

It's not just the firings: others are leaving for safer jobs

Apr 12, 09 3:16 PM CDT
(Newser) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing... More »

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Wall Street • Citigroup • Bank of America • Goldman Sachs • Morgan Stanley • Merrill Lynch • banking • banking industry • financial crisis

Bank of America Must
Name Bonus Execs

Court demands firm spills

Mar 19, 09 4:30 AM CDT
(Newser) - This doesn’t bode well for AIG: A judge ruled yesterday that Bank of America must identify the Merrill Lynch executives who received $3.6 billion in bonuses ahead of the banks’ merger, reports the Wall Street Journal. New York Attorney General Andrew Cuomo sought disclosure as part of his... More »

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Bank of America • Merrill Lynch • court • Andrew Cuomo • bonuses • court order • fiscal crisis • Ken Lewis

Merrill Bonus Beneficiaries May Be Revealed Within Week

BoA argues that disclosure will give competitors an unfair advantage

Mar 13, 09 2:15 PM CDT
(Newser) - A decision could come next week on disclosure of the names of Merrill Lynch employees who received $3.6 billion in bonuses last year, despite the firm posting a $15.8 billion fourth-quarter loss, Bloomberg reports. Bank of America argued today against release, saying its compensation scheme would be a... More »

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Attorney General • New York • Merrill Lynch • Andrew Cuomo • bonuses • John Thain • Ken Lewis

 Cuomo: Merrill 
 Misled Congress 
 on Bonuses 

Bank decided on bonuses earlier than claimed, he says

Mar 11, 09 5:25 PM CDT
(Newser) - Andrew Cuomo is turning the screws a little tighter in his investigation of bonuses paid to Merrill Lynch executives. In a court filing today, the New York attorney general accused the bank of "misleading" Congress about when it decided to dole out $3.6 billion, the Wall Street Journal... More »

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Wall Street • executive compensation • Bank of America • Merrill Lynch • Andrew Cuomo • bonuses

(Newser) - A rogue Merrill Lynch trader appears to have posted some $400 million in undisclosed losses in recent months, the Financial Times reports, covering his tracks with the “irregularity” the firm’s London branch is currently investigating. Alexis Stenfors, now suspended, reported $120 million in gains in 2008’s fourth... More »

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fraud • London • executive compensation • Bank of America • mergers and acquisitions • Merrill Lynch • trading • John Thain • Alexis Stenfors

Cuomo Subpoenas Merrill's
$10M Execs

Payouts may violate securities law

Mar 4, 09 8:45 PM CST
(Newser) - New York Attorney General Andrew Cuomo has subpoenaed top executives of Merrill Lynch who got at least $10 million each last year as the bank floundered, the Wall Street Journal reports. Cuomo is investigating whether the payouts violated securities law and wants to know why executives at Merrill and Bank... More »

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Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • banking industry

 Battered Merrill's 
 Top 10 Pocketed $209M 

Compensation for top execs higher than in '07, despite firm's massive losses

Mar 4, 09 4:55 AM CST
(Newser) - Merrill Lynch's top 10 earners raked in more than $200 million last year as their company lost $27.6 billion, a Wall Street Journal investigation finds. Eleven execs were each paid at least $10 million in cash and shares, which have now dived in value. A further 149 execs made... More »

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executive compensation • Bank of America • Merrill Lynch • bonuses • banking

Cuomo Orders BofA
to Name Bonus Takers

Subpoena issued after CEO's grilleing by Merrill bonus probe

Feb 27, 09 7:26 AM CST
(Newser) - Bank of America CEO Kenneth Lewis has been ordered to hand over a full list of Merrill Lynch execs who received bonuses just before the bank took over the company, reports Reuters. Lewis was grilled for hours yesterday in the offices of New York AG Andrew Cuomo, who's looking into... More »

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executive compensation • Bank of America • Merrill Lynch • subpoena • Andrew Cuomo • bonuses • Ken Lewis

BofA Boss Ordered to Testify in $3.6B Bonus Probe

Massive perks paid out before pricey bailout

Feb 20, 09 2:36 AM CST
(Newser) - Bank of America chairman Kenneth Lewis has been subpoenaed to testify in the investigation into possible deception of investors over the Merrill Lynch takeover, sources tell the Wall Street Journal. New York Attorney General Andrew Cuomo is exploring whether the bank broke the law by failing to inform investors of... More »

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Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • John Thain • Kenneth Lewis • Wall Street bailout

Chrysler, Merrill CEOs Passed Houses to Wives, Too

Fuld not the only one hiding assets

Feb 9, 09 1:42 PM CST
(Newser) - Dick Fuld’s wife isn’t the only one getting a discount mansion. Chrysler CEO Robert Nardelli and ex-Merrill Lynch honcho Stanley O’Neal have followed Fuld’s lead, handing their multimillion-dollar homes to their spouses, according to property records obtained by the New York Post. Such... More »

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Chrysler • Merrill Lynch • Lehman Brothers • Robert Nardelli • Stanley O'Neal • mansion • Richard Fuld • financial crisis

 BofA Knew 
 of Merrill's 
 $4B Bonuses 

Private bonus agreement backs up Thain's claim that Bank of America was aware of payouts

Feb 3, 09 7:02 AM CST
(Newser) - Ousted Merrill Lynch boss John Thain appears to have been speaking the truth when he said Bank of America knew all about Merrill's controversial December bonuses, the Wall Street Journal reports. A copy of a private bonus agreement obtained by the Journal shows that the two firms agreed on a... More »

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executive compensation • Bank of America • Merrill Lynch • bonuses • John Thain • bailout • financial crisis

 NY AG May 
 Claw Back 
 $4B Merrill 
 Bonuses 

Cuomo expands probe into Merrill's handling of pre-takeover handouts

Jan 30, 09 4:52 AM CST
(Newser) - New York Attorney General Andrew Cuomo is considering action ordering the return of $4 billion in early bonuses Merrill Lynch handed out to staff just before its bailout-backed takeover by Bank of America, an insider tells Bloomberg. Cuomo has widened his probe into the bonuses and aims to find out... More »

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executive compensation • Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • Troubled Asset Relief Program

Ousted Thain Subpoenaed
on Early Merrill Bonuses

NY attorney general also calls BoA exec in probe of banks and TARP funds

Jan 27, 09 12:53 PM CST
(Newser) - New York’s attorney general issued a subpoena today to force John Thain to testify about his acceleration of bonus payments for Merrill Lynch employees last month, the Financial Times reports. A subpoena was also issued to a Bank of America executive thought to have consulted with Thain—then Merrill’... More »

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Bank of America • Merrill Lynch • subpoenas • subpoena • acquisition • Andrew Cuomo • John Thain • financial crisis

Ousted Thain to Repay $1.2M Spent on Office

Lush renovation
was a 'mistake,'
says ex-Merrill CEO

Jan 26, 09 11:37 AM CST
(Newser) - Former Merrill Lynch CEO John Thain says he’ll repay the $1.2 million he spent on office renovations last year, Bloomberg reports. “The expenses were incurred over a year ago in a very different environment,” Thain wrote in a memo to Merrill execs. “They were a... More »

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executive compensation • Bank of America • merger • Merrill Lynch • resignation • office • John Thain • renovation • financial crisis • reimbursement

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

Jan 26, 09 8:01 AM CST
(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are... More »

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Citigroup • Bank of America • CEO • Switzerland • Merrill Lynch • John Thain • Vikram Pandit • World Economic Forum • Davos • Timothy Geithner • Lawrence Summers

ANALYSIS

Thain Debacle Stings
BofA Chief


Jan 23, 09 5:25 PM CST
(Newser) - John Thain may have lost his job running Merrill Lynch, but woe to the CEO who dared merge with him, the Economist reports. Thain no doubt trashed his reputation by failing to tell BofA chief Ken Lewis about looming losses—and handing out multimillion-dollar bonuses in the meantime—but Lewis,... More »

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Bank of America • mergers and acquisitions • Merrill Lynch • recession • credit crisis • John Thain • Ken Lewis

Commode for 35K? Ousted CEO Thain Had Lavish Taste

Details emerge on $1.2M office work

Jan 23, 09 10:14 AM CST
(Newser) - Recently-axed Merrill Lynch CEO John Thain may have steered his company to a $15.4 billion fourth-quarter loss, but he did so from a really nice office. Details are emerging about Thain's $1.2 million redecoration, Bloomberg reports. Among the purchases noted by CNBC: $87,000 for area rugs, $68,... More »

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CEO • Merrill Lynch • corporate governance • John Thain • recession depression

(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information... More »

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Wall Street • Bank of America • CEO • Merrill Lynch • credit crisis • John Thain • bailout • Ken Lewis

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

Jan 21, 09 3:53 PM CST
(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by... More »

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Wall Street • Merrill Lynch • SEC • oversight • investment • regulation • brokerage • bank regulation • brokers • Obama administration • President Obama • Bernard Madoff • financial adviser


 BofA Takes Another $20B  
 Bailout on $10B Merrill Loss 

Crippled by unforeseen losses and falling stock price, B of A puts its hand out. Again.

Jan 16, 09 7:01 AM CST
(Newser) - Bank of America, sucker-punched by unforeseen losses from its takeover of Merrill Lynch, received another injection of $20 billion from the Treasury, the Wall Street Journal reports, bringing the total cost of BofA’s bailout to $45 billion. BofA’s shares shed 40% of their value in the past seven... More »

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Bank of America • Merrill Lynch • John Thain • bailout • Wall Street bailout • recapitalization • TARP

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