Bank of America
Credits on which brokers will not be paid will be capped at $4,000 of revenue a month, an attempt to rein compensation growth that has been exceeding revenue growth.
Bank of America Corp. plans to reward staff with special bonuses for a second straight year after seeing profits soar on tax cuts and a focus on expenses that’s eliminated thousands of jobs in recent months.
Jodi Rolland, a former Merrill division manager who most recently ran Bank of America’s Colorado market, is on a 90-day garden leave.
Bank of America Corp. said Terry Laughlin, vice chairman and head of global wealth and investment management, has died. He was 63.
Firm has no plans to pull out of the Broker Protocol, a senior executive said after Merrill Lynch Wealth Management reported its highest third quarter of revenue since being bought by Bank of America.
New restrictions on buying and selling micro-cap stocks apply across the Bank of America wealth franchise and could prompt other large broker-dealers to put in place similar policies.
With achievers bringing in 15 new clients, average advisors should be able to grow beyond the 4.6 they’re on track to achieve this year, executive says.
As of early next month, firm will follow some large rivals in sweeping brokerage account cash into a bank deposit account that generally yields less for the client than a money-market account.
A senior Merrill Lynch retail executive allowed investment banking relationships between Bank of America and a third party to override standard due diligence procedures regarding separately managed account products.
Livingston Albritten moves from Dallas to Memphis run branches split off from Nashville complex.
Net income at Merrill Lynch Wealth and U.S. Trust grew by 20% from last year’s second quarter to $968 million but declined from the first quarter’s record $1.04 billion of profit.