Bank of America Corp.'s (NYSE:BAC) integration of Merrill Lynch & Co. continues at pace, despite chief executive Ken Lewis' numerous treks to Capitol Hill, stress test results, high-level talent defections and other distractions. In an interview with American Banker, integration leader Brian Moynihan admits external pressures are adding to the challenge, but that the effort remains on track.
The
entire article is worth a read, but here are a few highlights:
- The $1 billion-plus integration of back-office systems is ahead of schedule. This is a big deal, because as we've noted before, getting computer systems talking will facilitate cross-selling of products
- Banker defections, which stabilized in March, are being offset by new hires; 100 new employees have joined BofA in recent months
- BofA has expanded a Merrill practice of pairing financial advisers with banking specialists, adding 750 bankers to the less than 100 at Merrill
Give Moynihan credit. He's frank about the challenges ahead and, according to the article, is laser focused on getting this integration right. Not only would doing so right the BofA ship and perhaps quiet the chorus of critics who have lambasted the acquisition of Merrill Lynch and other targets, it might also over time help restore the damaged reputation of Lewis and his executive team.
- Suzanne Stevens
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