Arbitrators also order bank to forgive New York broker’s promissory note and change wording on regulatory filings to show that it unjustly fired him.
Broker had produced around $1.5 million at a Merrill branch in Napa, according to a source familiar with the move.
Broker, who sources said managed around $2 billion, is the latest in wave of departures from the Swiss bank’s U.S. broker-dealer.
As a team producing $7 million leaves for independence, the Thundering Herd licks wounds by welcoming back an analyst who had bolted in April with a monster PBIG team.
Beantown broker had spent all of his 26-year career with Merrill and had over $4 million in production.
First Republic’s burgeoning private wealth management operation on Friday recruited a multi-million-dollar pair of advisers from investment bank Jefferies’ small wealth unit.
Days after Merrill boasted of record-low attrition, 34-year veteran James Atwood led his 15-person Private Banking and Investment Group team to the bank that Merrill once owned.
Longtime Citi brokerage manager Drue Anderson in New York goes west to join J.P. Morgan while First Republic lands Wells Fargo advisory team in Boston.
Jeff Schottenstein in San Francisco and Stuart Wechsler in Greenwich join the aggressive West Coast private wealth bank, boasting $11 million of sales in the last year.