Bank of America
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.
Effort to corral about 1,650 brokers in some 100 slow-growth branches into ‘community markets’ unit with focused management attention yields early signs of progress.
Bank of America Corp. was accused in a lawsuit of providing more than 100 accounts used to perpetrate what the U.S. regulators called a $102 million Ponzi scheme.
Wealth head Andy Sieg told brokers firm will decide in about 60 days how to simplify its rigid DOL Rule restrictions and perhaps allow commissions for some asset classes.
Bank of America Corp.’s pledge to stop lending to firearms manufacturers isn’t enough for gun-control activists, who have turned on one of the only two U.S. banks to announce gun-related restrictions.
Bank of America executives asset that advisors and managers are responding to “organic growth” incentives, although headcount fell by 124 brokers in the first quarter.
The Financial Industry Regulatory Authority has suspended an Arizona advisor for 18 months for falsely affirming that prospective Bank of America borrowers had plenty of cash in their Merrill accounts.