posted at 06:50
Author Name: Linette Lopez
Merrill Lynch Brokers Tired Of New BAC
Veteran Merrill Lynch brokers have been leaving Bank of America Merrill Lynch and taking billions in assets elsewhere, and it's not just because they don't want to drink wheatgrass shots and meditate. Bank of America wants "You to be an asset gatherer," one veteran Merrill broker said. Among themselves, brokers wonder whether Bank of America CEO Brian Moynihan cares for the brokerage business. Merrill brokers used to have an entrepreneurial spirit antithetical to the desire for uniformity that Bank of America allegedly champions. What the bank side wants isn't just control of what financial advisers are telling their clients to buy, the broker says, it's a new a distribution process that separates advisers from their clients. In 1997, when most of what we know as Bank of America was Nationsbank, the bank bought Montgomery Securities, a firm brokers still remember for its top talent. "Bank of America is trying to 'Bankamericatise' Merrill Lynch, and the older guys are fed up," one former Bank of America banker said. Bank of America, for its part, has grown its Global Wealth and Investment Management revenue from 13.5% in 3Q'09 to 22% in 3Q'14. "Our financial results, by every measure, show that we are a leader in the industry and that we are headed in the right direction. We are committed to delivering positive outcomes for our clients that help them achieve their goals," said Bank of America spokesperson, Susan McCabe.

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