Judging by the Bank of Amerilla conference call yesterday, we’re thinking not.
Spotted in the New York Post today:
In July, Merrill agreed to sell its 20 percent stake in the company back to Bloomberg for $4.5 billion. Under the terms, Merrill agreed to “significantly increase” its spending on Bloomberg terminals and other products over the next nine years, [Bloomberg Chairman Peter] Grauer said. The agreement is binding even in the event of a merger or sale.
“The acquirer cannot reduce his own spend on Bloomberg and in fact has to increase it in the same period,” he said.
So BofA, that’ll be minus a few thousand investment bankers, plus a few thousand terminals?
So much for cost savings.