Bank duo call for staff to re-apply for jobs after merger go-ahead
Legal staff at Bank of America and Merrill Lynch have been asked to re-apply for their jobs, as the duo prepare to complete their tie-up in the new year. The two banks have a combined legal team estimated at around 700 lawyers - including those embedded in front office positions - and it is understood that every member is having to re-apply for their post. The move follows Bank of America's $50bn (£38bn) acquisition of investment bank Merrill in September.
December 11, 2008 at 12:28 AM
2 minute read
Legal staff at Bank of America and Merrill Lynch have been asked to re-apply for their jobs, as the duo prepare to complete their tie-up in the new year.
The two banks have a combined legal team estimated at around 700 lawyers – including those embedded in front office positions – and it is understood that every member is having to re-apply for their post.
The move follows Bank of America's $50bn (£38bn) acquisition of investment bank Merrill in September.
The merger is also likely to affect the banks' external legal advisers, with some firms predicting they may have to retender for work. The changes could be particularly significant for those used to advising Merrill, as the overhaul could result in all advisers having to comply with the detailed rules of engagement Bank of America currently insists its US legal advisers sign up to.
As part of these procedures outside providers are often asked to provide details of ethnic and gender diversity and are encouraged to offer alternative billing methods.
Linklaters is Merrill's closest adviser in the UK, with the magic circle firm advising alongside Shearman & Sterling on its takeover, but the bank also has ties with Lovells and Freshfields Bruckhaus Deringer – as well as Cravath Swaine & Moore in the US.
Bank of America, meanwhile, has worked with firms including Wachtell Lipton Rosen & Katz, Sullivan & Cromwell, Nixon Peabody, Allen & Overy and Herbert Smith.
Both banks declined to comment on the re-application processes or on whether any jobs were likely to be lost as a result.
A spokesperson from Bank of America told Legal Week: "We are following the same review process to evaluate staffing levels used in every merger transition and we have nothing to announce."
Additional reporting by Jeremy Hodges.
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