/9918578/Banner

/9918578/Banner_2

/9918578/Mid

section

articleId

product

orgType

parrefer

accountID

Consulting

Banking

Accounting

Fintech

Internships

Rankings

Internship Rankings

Intern Resource Center

Explore Internships

Vault Law Home

Practice Area Resource Centers

Regional Resource Centers

Summer Program Resource Center

Vault Law Culture & Inclusion Survey

Vault Law

Guides

Events

Financial Services

Technology

Grad School

Work Relationships

Productivity

Diversity, Equity & Inclusion

Social Impact

Remote Work

Negotiating

Changing Jobs

Workplace Issues

Blog

Resume Samples

Cover Letter Samples

Interview Tips & Questions

A Day in the Life

International

Career Readiness

Explore Professions

Research Industries

Search Companies

Career Advice

Employers

Schools

&lt;p&gt;It was a busy weekend for several of the top banks in the world.&lt;/p&gt;&lt;p&gt;In somewhat expected news, Lehman Brothers, after failing to find a suitor as a result of the federal government refusing to support a takeover of the bank, filed for Chapter 11 bankruptcy. Lehman has cut approximately 3,000 of its workers over the course of the past year, and if&amp;nbsp;it liquidates, as expected, the remainder of the firm&amp;#8217;s 25,000 employees will be let go. (The bankruptcy filing does not apply to Lehman Brother Asset Management or Neuberger Berman, LLC, whose portfolio management, research and operating functions will remain intact.) &lt;/p&gt;&lt;p&gt;Meanwhile, in unexpected news, Bank of America, which was considering acquiring Lehman as late as Friday night, agreed to acquire Merrill Lynch&amp;nbsp;for $29 a share, or $44 billion. The combination of BofA and Merrill Lynch&amp;#8212;which was worth about $100 million not too long ago&amp;#8212;will create the country&amp;#8217;s largest brokerage house and consumer banking franchise. Merrill&amp;#8217;s 17,000 brokers and BofA&amp;#8217;s wealth managers will combine to form a powerful unit that will be known as Merrill Lynch Wealth Management. &lt;/p&gt;&lt;p&gt;Of course, the demise of Lehman and the sale of Merrill means there will be thousands of more bankers out of work and looking for new homes. Much worse, it also signals that there could be many more joining them soon.&lt;/p&gt;&lt;p&gt;As for&amp;nbsp;how the&amp;nbsp;markets have responded to the&amp;nbsp;news, in the first&amp;nbsp;10 minutes of trading, the Dow Jones Industrial Average&amp;nbsp;fell 300 points but has rebounded somewhat since then.&lt;/p&gt;

Derek Loosvelt

Article

MBA vs. CFA: Which Pays Off More for Banking and Finance Professionals?

How AI is Changing Careers in Banking and Finance

Where the Vault Fintech 100 Firms Are Headquartered

5 Great Remote-First Fintech Firms

The Library