merrills-asia-employees-on-firm-ground

Merrill's Asia employees on firm ground

Merrill Lynch in Asia is complementary to Bank of America's existing franchise, suggesting bankers in Asia could be in a safer position than counterparts elsewhere.
The Bank of America-Merrill Lynch combine is forecasting $7 billion of pre-tax cost savings over the next four years, representing 10% of the annualised expense base of the merged entity. What does this mean for Merrill's people in Asia

On a post-merger call posted on www.seekingalpha.com, Bank of America CFO Joe Price presented the $7 billion cost reduction forecast to analysts, saying ôThe savings would be centred in the areas you would expect with headcount reductions across both platforms including overlap and back office and support functions and processes, as well as vendor leverage.ö

When pressed by analysts that the forecast cost savings seem very high, Price said BoA intends to be ôvery aggressive...
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