FilterVice President & Senior Client Manager
I worked at the bank for a long time. I would probably still be there if the economy and the purchase of Merrill Lynch had not precipitated the elimination of my division. Senior management may have made some errors in the integration of the ML acquisition. Only time will tell. There is new senior management at Bank of America which may put the bank's management closer on par with Jamie Dimon at JPMorgan Chase.
Management's short term solution to cut costs means that your job can be risk even if you have had a history of performing well.
Advice to Management
Have a more long range vision with a view to profitable income growth instead of pursuing growth at all costs by acquiring other companies. Several recent acquisitions - MBNA, Countrywide and Merrill Lynch - have pushed the bank to the top in rankings in terms of size, but they have also weakened key financial ratios and indicators.
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