Tuesday, September 30, 2008


Dan Haley, Ivygateblog - George, an Ivy-educated pseudonymous banker working as an analyst at Merrill Lynch, describes how he found out about Bank of America's buyout of Merrill:

<<< I was shocked. I was screaming. One of my friends at Bank of America texted me, 'Hey, we might be buying you guys.' I was in denial. You see, Merrill has a much better reputation than a commercial bank like Bank of America. I was shocked I would be joining a lower-tier commercial bank. There's a feeling, 'I didn't go through this whole interview process to work at a commercial bank.' Hopefully, Bank of America won't change too much of Merrill's culture." >>>>

According to George, this may spell the end of i-banking's mysterious popularity among Ivy League students. George says: "Changing compensation will obviously change the attitude of students toward the industry. They might go to med school or law school instead.". .


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