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Aaron Packles
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Aaron Packles - Head of Investment Banking for the Banking Industry at Bank of America Merrill Lynch
Aaron Packles - Head of Investment Banking for the Banking Industry at Bank of America Merrill Lynch

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Advantages of Bank Consolidation: The Case of BofA and Merrill Lynch                            

A banking professional, Aaron Packles was recognized as the top deal maker in the industry from 2010 through 2014. Throughout his career, he has overseen a number of significant transactions, including Pfizer’s $112 billion hostile takeover of Warner Lambert. Aaron Packles currently serves as the head of banks investment banking at Bank of America Merrill Lynch and maintains an interest in bank regulations and bank consolidation.

Bank consolidation, when two or more banks become one through a mutual merger or a takeover, is done for a number of reasons. Whether the driving reason is to compete with other banking institutions and/or in other markets, expand available service lines, or to mitigate competition, bank consolidation often reduces a business' total operating cost.

In the case of the Bank of America/Merrill Lynch merger, Bank of America estimated the transaction would result in $7 billion in pre-tax expense savings achieved through measures such as reducing redundant marketing, vendor, and technology expenses.

The merger was further undertaken to expand Bank of America's wealth management and investment banking services and broaden its international reach. Additionally, the merger was intended to enhance Bank of America's relationships with institutional and corporate clients by improving the organization's debt and equity underwriting and sales and trading functions.                            
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