This one could end up becoming one of the biggest PR disasters ever.
Reuters reports that Merrill Lynch and Bank of America have won the dismissal of a case brought by a group of black financial advisors who claimed that they were paid lower retention bonuses than white counterparts to remain with the firm following the 2008 merger.
Take a look at some of the best of April Fools'.
Bloomberg reports that details of exploratory merger discussions in 1998 between Goldman Sachs and Mellon Bank have been revealed in a new book, 'Money and Power: How Goldman Sachs Came to Rule the World' by Willaim D. Cohan.
Here's an interesting snippet that appeared in The Wall Street Journal's Deal Journal column.
On March 30, six of Wall Street’s major banks - Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs, Deutsche Bank and Morgan Stanley — joined together at 'Out on the Street', a summit convened to discuss issues vital to the lesbian, gay bisexual and transgender (LGBT) community.
Bloomberg reports that Bank of America CEO Brian Moynihan saw his 2010 compensation cut 70% to $1.94m.
By Paul Allen
We thought we'd take a quick look at those traders whose unauthorized actions have led to their firms incurring substantial losses, or worse - losses caused as a result of a foul-up.
By William D. Cohan