Merrill haunted by tragic job-cutting history

Thousands of investment-banking job losses are likely following the integration of Bank of America and Merrill Lynch. As John Thain’s transition teams get to work, they will have to avoid the mistakes made by Merrill in the past — firing too many staff in the downturn, then hiring too many “mediocre” bankers during the following boom. Merrill’s global financial institutions group, shaped by Greg Fleming and Andrea Orcel, is the right template for Thain to use across the rest of the merged investment bank.