Dealbreaker

Think it might be time for Ken to get a new hairpiece?

Order of "exits" on Wall St.:
1. Stan
2. Chuck
3. Jimmy C.
4. Kenny Boy and Crew...if you consider BofA a Wall St. bank

BofA's failure in IB looks a lot like HSBC. Hire high $$$ talent, only to have them leave after a yr or two. I think most bankers realize that Ken and crew have no idea how to build and IB (by now).

Any other prognosticators out there?

BofA's IB has been routed. There is no IB to retreat. And the guy sent to rally the remaining troops is set up for the fall. He will be the last remaining Fleet Banking guy to go. So Long. But Ken has got to go too. How long can these top guys get away with it? Yea, new wig needed.

now we are cooking, 04:12PM. I like the line up. I would put JC before Chuck but as JC has a chunk of stock he will probably hang around longer than Chuck.

My bet is that Chuck is out by the end of next week. Rumors swirling around C that the board is fed up, as well as Prince Ali.

Now who really wants to step into the shoes of C's new CEO with major SIV issues and more writedowns? I say make an interim CEO, take massive writedowns, then name a new CEO. Any smart CEO would avoid signing his name on the dotted line for SOX disclosure this year without knowing the full story.

My bet is that Chuck is out by the end of next week. Rumors swirling around C that the board is fed up, as well as Prince Ali.

Now who really wants to step into the shoes of C's new CEO with major SIV issues and more writedowns? I say make an interim CEO, take massive writedowns, then name a new CEO. Any smart CEO would avoid signing his name on the dotted line for SOX disclosure this year without knowing the full story.

1. Stan
2. Chuck
3. James Cayne
4. Dick Fuld
5. Wachovia's CEO
6. Ken Lewis (retires)

Universal banks have been taking IB market share for the past few years. These comments sound like they are coming GS mortgage desk traders that don't have any work to do.

Banks as in C, BofA and Wach taking market share...sure. I think each of these banks are examples of why the universal bank/money center model doesn't work in IB. Sure you can build market share, but not sustainability or brand. Hence, the volatile results.

Jamie D, how about Rubin. He should earn the $100mil he made over these few years. he should know the fully story too.

I'm with you though. chuck should be out by next week.

Dear 'Not a hater, just a reality':

So, you are trying to say that traditional IB banks have not had volatile results? Names such as Bear and Merrill scream sustainability at this point.

Love the 3 different links Bess. Good work

I'll take a ML, BSC or LEH franchise anyday over a BofA, C or Wachovia. BofA's cap markets group is decimated, IB division is junk (minus healthcare), with C I don't know where to begin, and Wachovia is....well Wachovia.

Good job at making general statements of which banks are cool and not cool.

BofA's cap markets is decimated? I assume you would lump Citi's in there as well?

Why don't you take a look at the league tables. I think BofA and Citi will be sitting on the top a fair number of the debt capital market tables. You could be talking about equities, or converts. But BofA and Citi are actually good at converts as well. So you are really only half right at best.

Just take a look at recent departures within BofA (3000+). No doubt their structured product business is gone. I'd venture to guess that they will continue to be a top 5 player, but not a top 3 given recent comments by Ken L.

Citi is still a powerhouse, but has lost a lot of talent over the past yr, but will remain just due to their sheer size and relationship base.

To me BofA has already begun their focus back on developing its retail network, rather than its IB. (LaSalle and comments by Ken L.) Citi might go either way, depending upon the new CEO. Spinoff the retail bank from C and dream of the good ole days?

Debt capital markets was a small portion of that 3000...less coverage people may slow business a bit, but they're still a powerhouse on the debt side.

BoA, C etc are simply retail banks who think they can sit down at the adult table. They dont pay grownup salaries, dont execute grownup ideas and think because they misled and hired a top gun that they are big, bad boys. I've heard the same dull arguments from these banks for 20 years about how smart they are. Until they change their mindset and stop running to Mommy for help, they're all third tier players - the sort who think there isnt a difference between living on First Ave and Park Ave.

so in this one rare occasion league tables mean nothing right?
these companies SHOULD be run for the shareholders, not the employees

Just me's right.

BofA, Wachovia and even C, are nothing but small timers more comfoprtable lending money to hillbillies for doublewides than they are about playing in the big leagues of IB.

The good news is we won't have to read all this crap about how retail banks are going to use their solid gold balance sheets and their corporate lending relationships to eat Wall Street's lunch.

Go back to North Carolina or wherever you're from and stop bothering us.

not

Youre right Auto, BofA can't hang with MER & Bear.....

Bah, hah.....

just me - please tell me that the "20 years" you've been listening to arguments from the universal banks takes you back to when you were 2 or 3 years old, b/c i've had you pegged as a first year analyst (at best).

you appear to know very, very little, and your comments are neither insightful nor amusing. no person who has spent more than 5 minutes in finance would post 50x a day with a lot of silly tough talk about how he's going to buy all the laid off IBs, commercial bankers, structured finance traders, or whoever it is you're fixated on that day "train tickets back to iowa and kansas." (does anyone really need to point out that there are countless enormously successful financiers from all over the country, and globe?)

oh and auto - if the universal banks are so totally inconsequential, why is it that you're so eager for them to go away...? just want to make sure i understand. thanks.