Winning - Jack Welch [84]
In the months after the merger was announced, many executives at Brian’s level were shown the door—not Brian. He was promoted to run Bank of America’s entire wealth and investment management division. In fact, Bank of America was so committed to Moynihan, it moved a hundred or so of its wealth managers from North Carolina to Boston to accommodate his leadership.
“It remains precisely unclear why Moynihan emerged on top while colleagues fell,” the Globe said.
It wasn’t unclear to me. All you had to do was look at a quote in the same article from Alvaro de Molina, Bank of America’s president of global corporate and investment banking.*
Brian, he said, “was an immediate partner.”
Which brings me to the one huge pitfall common to people at acquired companies: resistance. Resisting a deal, no matter how scared, confused, or angry you are is usually suicidal for your career, not to mention your emotional well-being.
Now, I don’t know if Brian Moynihan ever felt scared, confused, or angry about the Fleet–Bank of America merger. And in a way, it doesn’t matter because he clearly didn’t show any of these emotions. Instead, he showed exactly what you should show if you want to survive a merger—enthusiasm, optimism, and thoughtful support.
Why? Because for an acquirer, there is nothing worse than laying down a boatload of money for a company, then walking through the front door to be greeted by a bunch of sour faces and bitter attitudes.
Who needs it?
Yes, some resistance to change is normal. But if you want to keep your job in a suddenly bigger talent pool, and frankly, if you want to enjoy work, don’t act like a victim! Get behind the deal, think of ways to make it work, adopt the biggest, most can-do attitude you can muster. Tell yourself the good old days are over—and the best are yet to come.
I understand that not everyone can get their heads around this notion, but there is a price to pay if you don’t.
Bill Harrison recalls meeting with a very talented manager from JPMorgan Chase who was one of the premier “sour faces” after the merger.
“For Christ’s sake, man, you’re so good, we really want to keep you,” he told him, “but if you can’t act in a more positive way and embrace this change, you’re not going to make it.”
The inevitable ending to this story is that the manager was, as Bill puts it, “like most people—no good at hiding his feelings.” He left within a few months.
In mergers, managers will always pick the people cheering for the deal, even if they are not as talented or knowledgeable as the people pouting. When there are two people to do the same job, if their abilities are anywhere near each other, the upbeat, pro-merger candidate wins.
I have an old friend who worked for almost his entire career at a large insurance company, ending up with the top job in marketing, PR, and community relations. This executive was very close with the company’s CEO, a relationship that afforded him all sorts of entrée into the executive decision-making process. He was the CEO’s right-hand man, confessor, and sounding board, even though his title wouldn’t suggest such impact.
Then, a few years ago, my friend’s company was acquired by a financial services company halfway across the country, and his pal the CEO was “promoted” to chairman, with a two-year exit strategy.
I wasn’t completely surprised when a month later, my friend called and asked to meet me for a drink, the sooner the better. When I saw him a few days later, he was completely forlorn.
“I am of no value to the company anymore. They kicked my boss upstairs; he’s out of the game. My new boss is far away at headquarters, and he and I are not clear yet about just who is going to do what. I hate the situation I’m in.”
To make a long story short, I advised my friend to befriend his boss and find as many ways