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’Pru/AIA – “finely balanced”
Merrill Lynch is one of the few brokers able to comment on the $35.5bn Prudential/AIA deal and Blair Stewart and his team are taking full advantage.
They have published another interesting report on the deal this Monday morning.
More bonus neurosis: Thain and how times have changed
He has been keeping a low profile since his ignominious exit from Merrill Lynch in early 2009. But who can forget John Thain, former Merrill Lynch CEO, of lavish-office-refurbishment fame.
Thain on Sunday was named chief executive of the CIT Group,
“A fraud against the American people”
The banker backlash continues – and in some style.
Thursday afternoon, New York attorney general Andrew Cuomo’s has taken the case against Ken “we’re good at this” Lewis public.
Reuters flashes report Cuomo is charging the former Bank of America CEO in connection with his role in Bank of America’s troublesome acquisition of Merrill Lynch,
[Outlook 2010] Thundering Herd bullish on Euro equities
BofA Merrill Lynch has managed to trump JP Morgan’s optimism, and is targeting a 30 per cent gain for European equities next year.
Strategist Gary Baker says valuations remain attractive and top line forecasts are too conservative given that macro estimates are (apparently) showing 7.5 per cent nominal GDP growth in 2010.
Chinese official slams Western banks
A senior Chinese official who oversees China’s largest state-owned enterprises has publicly slammed western investment banks for “maliciously” peddling complicated derivative products that caused huge losses for Chinese companies.
BofA’s strong arm tactics
If Lloyds bondholders thought they were given an offer they couldn’t refuse over CoCos, what about Bank of America shareholders.
Overnight, BofA announced plans to pay back $45bn of TARP money, using $26.2bn of its owns cash,
The many Fingers in the BofA pie
The Wall Street Journal’s Deal Journal blog has provided lively coverage of the leadership vacuum at Bank of America, as well as colourful background to the bank’s shotgun marriage to Merrill Lynch.
On Tuesday,
Punch drunk
There’s nothing like a (former) house broker scorned, as the Toxic Pub Company have found out on Thursday morning.
Jamie Rollo of ex-house broker Morgan Stanley reckons Punch Taverns might need to raise more equity if trading does not pick up and says the argument that selling pubs and buying back debt enhances net asset value is very weak to say the least.
Toxic pub valuations
Another set of results and another impairment charge from the heavily indebted Toxic Pub Company.
Having written down its estate by almost £600m in the past year and a half, Punch Taverns has lopped a further £638m off the value of its managed and tenanted pubs on Wednesday.
BofA waives privilege on Merrill case
Bank of America has agreed to a request from the office of Andrew Cuomo, New York attorney-general, to waive the attorney-client privilege that Cuomo claims is preventing him from determining whether to bring charges against BofA’s top executives.
BofA to hand over Merrill documents
Bank of America agreed to hand over documents detailing the legal advice it received during its purchase of Merrill Lynch, the WSJ said, citing people familiar with the situation. The reversal, which comes after months of resistance,
Merrill’s bull to ride again
Bank of America will spend as much as $20m in the fourth quarter of 2009 to relaunch Merrill Lynch’s name and long-time bull logo, reports Reuters. The former Merrill operations, to be known as Merrill Lynch Wealth Management,
Financials magic bus tour
If you’re a financials CEO, the highlight of your week will no doubt be Bank of America Merrill Lynch’s ginormous banking and insurance CEO conference in London.
The agenda is available here. Sharp-eyed readers will note that every major European bank CEO is scheduled to speak except one.
Did he really say that? Part II
Earlier on Wednesday, FT Alphaville noted an intriguing series of Reuters headlines, which suggested Cadbury chief executive Todd Stitzer may have revealed more than he intended regarding Kraft’s approach to the British confectioner.
BofA to turn over more documents
Bank of America has agreed to turn over more documents to a congressional probe of its purchase of Merrill Lynch, a lawmaker said on Tuesday, reports Reuters. After a meeting between a bank executive and the chairman of the House oversight committee,
The Wile E. economy
Merrill Lynch economists are apparently quite fond of Looney Tunes. Click to enlarge.
Wile E. Coyote cartoons — those involved cliff risk, right?
Cuomo subpoenas BofA directors
Andrew Cuomo, New York attorney-general, has issued subpoenas to one current and four former board members of Bank of America to testify about BofA’s acquisition of Merrill Lynch. In a widening of his probe,
Judge 3, SEC 0 in Bank of America/Merrill case
As Reuters reported on Monday, Judge Jed Rakoff has rejected the proposed settlement between Bank of America and the US Securities and Exchange Commission over the bonuses paid to employees of Merrill Lynch.
Bonfire of the bears – Yell edition
Wednesday’s early price action.
And over the past week..
Date Chg % Chg
BofA sought advice on ‘MAC’ clause
Bank of America executives were so concerned about the worsening financial condition of Merrill Lynch last year that they sought legal advice about the applicability of a “material adverse change” clause before the Dec 5 shareholder vote on the acquisition,
The smell of burnt fingers…
is wafting across the Square Mile on Tuesday.
From Data Explorers, we present the short interest in Yell.
And the recent price action in the heavily indebted directories group.
Today’s advance seems to have been caused by Cazenove,
SEC explanation on BofA ‘puzzling’
A US federal judge on Tuesday raised fresh questions about the SEC’s settlement with Bank of America over bonus disclosures, calling the regulator’s explanation for why it did not charge individuals “puzzling”.
SEC adamant on BofA bonuses
The SEC on Monday defended its decision not to charge individuals in Bank of America’s alleged failure to disclose bonuses paid to Merrill Lynch employees before the companies merged, blaming the omission largely on attorneys.
Chasing the Dragon (Oil)
Last week, this intriguing story popped up on Reuters:
LONDON, Aug 17 (Reuters) – Bank of AmericaMerrill Lynch has dropped Dubai state-controlled Dragon Oil as a client because of its ties with Iran,
Natgas, literally under pressure
US natural gas prices are refusing to budge higher with the rest of the energy complex:
This has led some to wonder why, especially since natgas rig counts are actually decreasing. According to Baker Hughes,
Last top Merrill exec leaves BofA
Dan Sontag is leaving his post as head of Merrill Lynch’s 15,000 financial advisers following Sallie Krawcheck’s arrival as his new boss. The move marks the exit of one of the last Merrill veterans from Bank of America’s senior management.
BAC agrees to pay $33m to settle SEC Merrill case
A little out of nowhere comes the following from the SEC on Monday. Via Reuters:
Bank of America has agreed to pay $33 million to settle charges that it made false and misleading statements to investors about bonuses at Merrill Lynch,
Tarp banks award billions in bonuses
Citigroup and Merrill Lynch, which lost $55bn in 2008, between them paid 1,400 employees bonuses of $1m or more each, according to a New York state report. The study, compiled by Andrew Cuomo, New York attorney-general,
BofA reports Q2 net income of $3.2bn, EPS $0.33
Analysts had expected an EPS of 32 cents before exceptionals.
From the release:
CHARLOTTE, N.C., July 17 /PRNewswire/ — Bank of America Corporation today reported second-quarter 2009 net income of $3.2 billion.