In a significant dust up at Merrill Lynch over the past two weeks, CEO of Bank of America Brian Moynihan called Merrill Lynch the “least efficient” business unit at the bank.
He was right.
There are all manner of words to describe why he’s right but it is much easier to do it in numbers. The cumulative arithmetic on asset departures away from Merrill Lynch and to other firms is absolutely enormous and dwarfs any and all other firms.
Greater than $250B (that’s billion with a B) in the past 6 years. Take a look:
2016 – $17B
2017 – $29B
2018 – $28B
2019 – $35B
2020 – $58B
2021 – $67B
2022 – $25B
2023 – $31B
Why in the world do you still work at Merrill Lynch? Your CEO just said you stink, and all of your friends are gone.
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