Bank of America Merrill Lynch: Moynihan stands his ground
BofA president bullish on prospects; Firm maintains top three revenue slot
"We came together as a business on January 1. There were some tough times in February and March, but we came through that"
Brian Moynihan, BofA ML
Speak to most of the firm’s competitors, and they’ll tell you that Bank of America Merrill Lynch’s investment bank is a disaster waiting to happen. The problem for them is that, in terms of deals at least, there’s little sign of it yet. And Brian Moynihan, the man charged with integrating two franchises and developing a mono-culture on which the firm can build, is determined that there never will be.
BofA Merrill ranks third for all investment banking revenues in the first half of this year, according to figures from Dealogic.
Moynihan, BofA’s president, who combines his role as head of global banking with oversight of the firm’s global wealth and investment management operations, hails this as a "remarkable performance. We came together as a business on January 1 this year. There were some tough times in February and March, but we came through that with the results of the stress test and subsequent capital raise. And throughout that time clients have continued to view us as a clear counterparty of choice when they are looking to do deals."