Gregory J. Fleming, the former president and chief operating officer of Merrill Lynch & Co., was appointed Senior Research Scholar at Yale Law School, which just happens to be located on the corner of Wall St. and York St. Coincidentally, it is also about two blocks from our offices on 111 Whitney Avenue in New Haven.
Fleming joins the list of ML employees jumping ship after its merger with Bank of America. A culture clash has erupted between Bank of American and Merrill over what many former ML brokers describe as an under-appreciation by their new boss of the broker-client relationships they bring to the firm. This comes in the wake of Bank of America’s CEO Kenneth Lewis proclaiming that ML’s 16,000-strong brokerage group as the “crown jewel” on the day he unveiled the acquisition.
The departure of Fleming, who was slated to run the corporate and investment banking unit, demonstrates Wall Street’s inability to retain talent as Investment Banking Inc. rolls over in the “The New Reality”. On Jan. 5, Robert McCann, head of Merrill’s brokerage and a 26-year veteran of the firm, resigned.