Droves of banking analysts abandoned New York's Plaza Hotel Thursday morning and headed up Fifth Avenue to The Pierre.

No, it wasn't that the service was bad. It was just that at the Pierre, analysts could hear John F. Grundhofer and Gerry B. Cameron announce the planned $9 billion merger of their banks.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.