BofA Merrill rolls the dice – again
While the old adage that you don’t change a winning team is not strictly true, it does suggest that Bank of America Merrill Lynch must have some serious fault lines in its FX business. As 2010 starts, the bank has had yet another change in its senior management (see People moves). Over the years, the once separate banks have employed some highly regarded players to try and crack into the upper echelons of FX.
Consistently, the now-combined BofA Merrill has failed and the probability must be that it is as far behind as it has ever been the group of banks once known as tier one players, but which I now refer to as the billionaires’ club. Will it succeed this time around? I for one wouldn’t bet on it; I’m still sulking from getting caught short on a bet about how many global heads Merrill had burnt through in a decade.