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Lehman Bankruptcy? Bank of America / Merrill Lynch merger?

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VP
VP
avatar
Joined: 05 Aug 2007
Posts: 1499

Kudos [?]: 211 [0], given: 22

Schools: NYU Stern '11
Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 14 Sep 2008, 14:19
Quite a Sunday, eh folks?

LEH: 0
BAC+MER: 1??


FT: Barclays pulls out from Lehman rescue talks

http://www.ft.com/cms/s/0/fe37285e-8282-11dd-a019-000077b07658.html

Dealbreaker: Bloomberg is reporting that Bank of America is walking away from the deal for Lehman

http://dealbreaker.com/2008/09/breaking-reuters-is-reporting.php

WSJ: Bank of America, Merrill Lynch in Merger Talks

http://online.wsj.com/article/SB122142278543033525.html?mod=special_coverage (subscription)
http://dealbook.blogs.nytimes.com/2008/09/14/bank-of-america-in-talks-to-buy-merrill-lynch/index.html?hp

Kudos [?]: 211 [0], given: 22

Director
Director
User avatar
Joined: 18 Dec 2007
Posts: 983

Kudos [?]: 136 [0], given: 10

Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 14 Sep 2008, 17:19
Hold onto your hats... stock market tumble imminent (again). Govt. Bonds on the up as people rush to safe havens, and FX carry trades unwind further as people become increasingly risk averse for now.

Kudos [?]: 136 [0], given: 10

VP
VP
avatar
Joined: 05 Aug 2007
Posts: 1499

Kudos [?]: 211 [0], given: 22

Schools: NYU Stern '11
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 14 Sep 2008, 18:15
It's done - BAC is buying MER. :shock:

I did not see this coming.

Kudos [?]: 211 [0], given: 22

Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385

Kudos [?]: 59 [0], given: 5

Location: Europe
Schools: St. Gallen '09
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 14 Sep 2008, 23:52
`Tectonic' Shift on Wall Street as Lehman Fails, Merrill Sold

http://www.bloomberg.com/apps/news?pid= ... refer=home

Fed Widens Collateral, Banks Set Up $70 Billion Fund

http://www.bloomberg.com/apps/news?pid= ... refer=home


Good luck to everyone trying to find a job in financial services :)

Kudos [?]: 59 [0], given: 5

VP
VP
avatar
Joined: 05 Aug 2007
Posts: 1499

Kudos [?]: 211 [0], given: 22

Schools: NYU Stern '11
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 15 Sep 2008, 01:38
I've been up all night and I don't even work in investment banking anymore! I can't believe this thread hasn't gotten more attention here. Huge ramifications for current and prospective MBAs!

People have been posting SC and DS questions instead... :roll:

Kudos [?]: 211 [0], given: 22

CEO
CEO
User avatar
Joined: 17 May 2007
Posts: 2945

Kudos [?]: 674 [0], given: 210

Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 15 Sep 2008, 02:22
I'm almost glad that I got dinged everywhere last year atm. Will give me some more time to look in the direction the whole industry is going before committing to it. Sad part is that I met a few UChicago students last year with FT offers from Lehman. I feel for them :(

Kudos [?]: 674 [0], given: 210

Director
Director
User avatar
Joined: 27 Jun 2008
Posts: 540

Kudos [?]: 69 [0], given: 92

WE 1: Investment Banking - 6yrs
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 15 Sep 2008, 06:55
Oh boy! this hurts. I didn't see ML+BofA coming, its totally unexpected.
Big news

Bear+JPM
ML+BofA
Lehman??
Freddie Mac?

I wonder who's next?BNPP..MS/GS...they are the only biggies left.

Kudos [?]: 69 [0], given: 92

Senior Manager
Senior Manager
avatar
Joined: 26 Jan 2008
Posts: 263

Kudos [?]: 123 [0], given: 16

Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 15 Sep 2008, 09:56
Big news with major implications for everyone, no doubt. I'd imagine most of us are not sure what to expect at this point, since the whole thing is unravelling rather quickly
_________________

My GMAT debrief

Kudos [?]: 123 [0], given: 16

Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385

Kudos [?]: 59 [0], given: 5

Location: Europe
Schools: St. Gallen '09
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 15 Sep 2008, 10:29
I think it's time to get serious about those Strategic Planning, Business Development, and General Management positions at industrial companies :-D

For those that are adamant about going into financial services post-MBA, you should have a good network of contacts in order to have a decent chance. The competition is greatly increasing with all the layoffs that have occurred and will continue to occur. The most important differentiating factor (in my opinion) will be who you know and how well your network will be able to help you land a job in this field.

Kudos [?]: 59 [0], given: 5

VP
VP
avatar
Joined: 05 Aug 2007
Posts: 1499

Kudos [?]: 211 [0], given: 22

Schools: NYU Stern '11
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 21 Sep 2008, 19:56
Looks like the era of the independent investment bank is over. MS and GS just turned into bank holding companies!

Morgan Stanley and Goldman Sachs ATMs coming to a strip mall near you. Citi and JPMChase are going to be bummed about the extra competition. :lol:

http://calculatedrisk.blogspot.com/2008/09/fed-goldman-sachs-morgan-stanley-to-be.html

Kudos [?]: 211 [0], given: 22

Director
Director
User avatar
Joined: 18 Dec 2007
Posts: 983

Kudos [?]: 136 [0], given: 10

Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 28 Sep 2008, 00:03
There is still Nomura!

The Japanese IB has expanded into the rest of Asia and Europe with its acquisition of Lehman's Asia and European assets. I believe they are now the worlds largest independent IB.

Kudos [?]: 136 [0], given: 10

Intern
Intern
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Joined: 26 Jan 2008
Posts: 19

Kudos [?]: 9 [0], given: 0

Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger? [#permalink]

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New post 08 Oct 2008, 09:17
Another one of the world biggest IB now is Renessans, Moscow.

Anyway, who is going to work in IB now? So many guys spent their lives for nothing.

Kudos [?]: 9 [0], given: 0

Re: Lehman Bankruptcy? Bank of America / Merrill Lynch merger?   [#permalink] 08 Oct 2008, 09:17
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