Monday, November 20, 2006

The quest for world domination continues

Bank of America buys U. S. Trust

This has absolutely no impact on me whatsoever in my current job, but there's an even better reason why I like this deal, aside from the general corporate implications.

I used to work in Private Wealth management at Salomon Smith Barney, and folks who've known me for a while know I'm not a big fan of SSB or Citigroup. More succinctly, I hated their guts.

Essentially, this deal (purchasing a high-net-worth fund from Schwab) is a shot across the bow to Citi and especially to my old department at SSB as we will now be the leader in this sector.

It's a pretty good feeling to come to work at a company you like and reading that they're attempting to completely dominate your old employer.

Just a nice case of the warm fuzzies.

Either that, or I'm still feeling a buzz from paint fumes this weekend.

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