Bank of America
EXCLUSIVE: Merrill to Withhold Payment on 3% of Brokers’ Monthly Production
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.
BofA to Pay Special Bonuses for Second Year After Tax, Job Cuts
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.
High-Profile Woman Manager at BofA and Merrill Wealth Leaves
Jodi Rolland, a former Merrill division manager who most recently ran Bank of America’s Colorado market, is on a 90-day garden leave.
BofA Vice Chairman, Global Wealth Head Terry Laughlin Dies at 63
Bank of America Corp. said Terry Laughlin, vice chairman and head of global wealth and investment management, has died. He was 63.
Merrill to Retain Growth Penalties, Bonuses in 2019 Compensation Plan
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.
Bank of America Curbs Penny Stock Trading at Merrill Lynch
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.
Merrill’s Sieg Sees Broker Growth Goals Beyond Five New Households
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.
Merrill to Shift Client Cash Into BofA Bank Accounts, Not Money Funds
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.
Merrill to Pay $8.9 Million Over Retail Product Platform Conflict
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.
Merrill Installs BofA Sales Veteran to Run New Market in South
Livingston Albritten moves from Dallas to Memphis run branches split off from Nashville complex.
Merrill Advisors Shine on Loan Growth But New Asset ‘Flows’ Stall
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.