Forget the culture clash that was expected in Bank of America’s acquisition of Merrill Lynch, which was completed at the start of this month. BofA executives are livid about the true depths of the problems at Merrill, which they feel were glossed over last fall in Merrill’s rush to find a saviour. BofA’s discovery last month of the staggeringly weak condition of Merrill’s balance sheet not only threatened to derail the landmark transaction before it closed, but raised hackles at BofA headquarters in North Carolina, where executives are wondering whether they were sold a pup.

This entry was posted by Gwen Robinson on Friday, January 16th, 2009 at 5:52 and is filed under M&A, People. Tagged with BofA, merrill lynch. Edit this entry.