WHEN BANK OF America took over Merrill Lynch in September 2008, it looked like bad timing for Merrill’s Latin American investment banking business. After having shown a lack of commitment to Latin America for several years, Merrill Lynch’s then chief executive, John Thain, was just six months into a renewed build-up in the region. In March 2008, the firm had taken on nine senior investment bankers in Brazil to spearhead a push in the region and they were just beginning to make inroads.
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