That comment was made in jest by a Bank of America Corp. employee in Charlotte, N.C., but if
the newspaper story in which it appeared is any indication, it reflects the upbeat mood of politicians and business boosters following BofA's deal to buy Merrill Lynch & Co. BofA is headquartered in Charlotte, also home to Wachovia Corp., and the city is known locally as Banktown.
"I was thunderstruck," Robinson, Bradshaw & Hinson PA attorney Russell Robinson told The Charlotte Observer. "To have Merrill Lynch in effect as a subsidiary of Bank of America, headquartered in Charlotte, raises Charlotte's standing in the financial world tremendously."
"In the end, it could be a phenomenal coup for Charlotte and the banking industry here," said Tony Crumbley of the Chamber of Commerce. "I think it brings a measure of confidence, that Bank of America is willing to stick their neck out on a $50 billion deal."
As The Deal's Maria Woehr noted Monday,
the mood is decidedly different in New York and New Jersey, where politicians, real estate agents, high-end retailers and anyone else who might be affected by Merrill Lynch's sale to BofA -- not to mention the bankruptcy filing of Lehman Brothers Holdings Inc. -- is sweating over what the fallout might be for area economies.
Still, there will likely be job losses in Charlotte, in addition to layoffs in the Northeast. As
The Deal's Lisa Lee reported on Tuesday:
The two firms clearly overlap in several areas, including in investment banking services such as fixed income, leveraged finance and equities. One banker at another firm said a Merrill person is most likely to head the investment banking unit after the merger. "Bank of America bankers are more nervous," the source said.
Considering this monster deal was negotiated over a weekend, it's a given that details about headcount,
integration and other post-merger issues may not be known for sometime.
- Suzanne Stevens
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Juergen Lasowski
And the winners are...
At least they are the are from the land of the free and the brave! Good luck Bank of AMERICA and Merrill Lynch - thanks for not asking the gov't for help!