Bank of America Has ‘Considerable’ Savings in Asia
Published at: www.bloomberg.com
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Bank of America Asia Moves Forward
June 22, 2009
Execution and speed of merger results in significant savings. Addition of personnel indicates preference to accelerate earnings. BofA will be a major player in the Asian theater.
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June 19, 2009
It is very clear that a couple of months back when all the right sizing and rationalization was attempted at BofA and others, there were not many options available to the bank globally. In that ensuing melee what has happened is that BofA has sold off many profitable businesses from the bank in China and Asia becaue they were the only one getting buyers and also yet, there was no visibility to the Global HQ of any work being done at these businesses in 'far away' asia. Thus these so called savings are also attrition of some good and potentially high market share businesses like China banking and Indian Investment banking footprint. The so called merger was not really smooth and many of the best and the brightest at Merrill in Asia have left for new careers as mentioned. "The biggest U.S. lender has raised almost all of the $33.9 billion demanded by regulators after last month’s stress tests .." Unfortunately, the businesses that have attrited in Asia may be difficult to buy again
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