Being bought out by what is now the largest bank in the country can be a disheartening time for knowledge workers. Especially if you were a Financial Analyst working in one of the country’s oldest (now defunct) investment bank in the world. But change is also an opportunity.
With Merrill Lynch being bought by Bank of America, the decisions of those Financial Analysts – with client accounts worth over $100 million in assets — will have a significant impact on their new company. For better or worse.
Note the comments from the CEO of RJ & MaKay, a financial recruiting firm that specializes in these brokers:
The sale of Merrill Lynch to Bank of America has triggered one of the largest and most historical talent feeding frenzies in recent history.
“We have received a lot of calls from Merrill FAs already,” says Darin Manis, CEO of RJ & Makay a national financial recruiting firm. “Once the dust settles Merrill brokers will be waiting to hear what their retention packages will be…Bottom line is that the transition package a primary competitor is willing to pay is always higher than the acquiring firm’s retention package.” (Emphasis mine…Scot)
The key ingredients protecting these brokers in their jobs – and increasing their pay after being bought out – is what protects Cubicle Warriors in their positions: job skills and performance.
You must have the brilliant basic skills to perform the job and complete the work.
You must have documentable accomplishments through your performance so that you are desired by hiring managers.
When you have both, you have opportunities presented to you, regardless of the circumstances.
We all understand that when companies merge, there is tremendous change. Especially for the employees of the company that was just purchased. But there are opportunities as well. If you have the skills and the job performance, you are in a much better position than your coworkers who simply skated by in their position wondering about what package will be offered to them. Will it be a retention package? Or a severance package?
Either way, the Cubicle Warrior wins this fight.