When BankAmerica and NationsBank announced a $90 billion merger last month, the hi-tech investment bankers at BankAmerica Robertson Stephens knew their days were numbered. “It’s us or them,” a Robertson banker groused to a competitor, referring to rival San Francisco boutique Montgomery Securities, which NationsBank purchased last summer. But there was little doubt Robertson would lose out to Montgomery. What’s more, the same thing had happened 20 years earlier.
Within a week BankAmerica announced it would sell Robertson, which it had bought for $540 million less than a year before.
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