CNBC reports that some staff over at Merrill Lynch are getting miffed that Bank of America is gradually replacing the famous Merrill 'Principles' with its own 'Core Values'.
Merrill's 'Principles' - Respect for the Individual, Teamwork, Integrity, Client Focus and Responsible Citizenship were etched on the walls in many of its offices, but are slowly being replaced with BofA's 'Core Values', which are:
Trusting and Teamwork
We succeed together, taking collective responsibility for our customers' satisfaction
We care about one another, value one another's differences, focus on results and strive to help all associates reach their full potential
We have a passion for achieving results and winning - for our customers, our shareholders, our communities and one another
We will be decisive leaders at every level, communicating our vision and taking action to help build a better future
Doing The Right Thing
We have the responsibility to do the right thing for our customers, shareholders, communities and one another
One corporate governance expert told Here Is The City: 'The Principles and Core Values are much of a muchness. What really counts here, though, is not fighting over words etched on a wall, but actually living up to the high standards both firms claim are their benchmarks'.
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