David Rosenberg and Richard Bernstein to leave BOA
Merrill’s Economic Research team has been top notch for years under the leadership of Richard Bernstein and David Rosenberg. Unfortunately for Bank of Aerica, these two gentlemen are jumping ship now that Merrills has been taen over by BOA. I look forward to hearing more from them in their new roles elsewhere.
David Rosenberg, is leaving Bank of America Corp. He will join Gluskin Sheff & Associates in Toronto, Bloomberg reports.
Mr. Rosenberg, who attracted a large following in North America for his meticulous, lengthy, always-engaging and sometimes searing research on the markets and global economy, is leaving less than a year after Bank of America bought Merrill Lynch & Co.
Mr. Rosenberg moved to Merrill Lynch’s New York office from Toronto to become chief North American economist in the early 2000s, travelling back and forth between the two cities.
Not afraid to speak his mind, he was one of the first economists to warn of a housing bust in the United States and the ensuing financial market and consumer spending collapse. He has been relentlessly bearish in recent years.
Merrill, meanwhile, has moved to make its analysts less accessible to the media. Bank of America is also wrestling with merging the staff and cultures from the two firms.
Richard Bernstein, chief U.S. quantative strategist, is also leaving Bank of America Corp. a company spokeswoman said.
Mr. Bernstein, 50, will start his own money management company after leaving in mid-April, and Mr. Rosenberg, plans to leave in mid-May.
“The wisdom and counsel that David and Rich provided clients, analysts and our businesses have enriched our franchise,” a spokeswoman at Bank of America said.
Gluskin Sheff is a highly respected independent brokerage catering to high net worth individuals.
Economic guru David Rosenberg returning to Canada – National Post