New York Post: Brokers flee ML-BoA - Spear's Magazine

New York Post: Brokers flee ML-BoA

As the merger of Bank of America and Merrill Lynch disintegrates into one of Wall Street’s most dysfunctional marriages, the so-called “thundering herd” is on the verge of a massive employee exodus.

From the New York Post:

As the merger of Bank of America and Merrill Lynch disintegrates into one of Wall Street’s most dysfunctional marriages, the so-called “thundering herd” is on the verge of a massive employee exodus.

Sources tell The Post that Merrill and BofA’s 16,800-strong broker army is being enticed by big bucks from rivals big and small. Among those reportedly in the hunt are UBS and Morgan Stanley as well as several boutique shops, sources said, adding that some are dangling pay packages that are nearly triple what brokers are being offered in-house.

One ex-Merrill exec said the public infighting at the combined company is likely to spur waves of defections, despite the fat retention bonuses coveted financial advisers have received.

Sources point to Bob McCann, the popular former head of Merrill’s brokerage division who was expected to lead the combined operation.

To read the full story, visit nypost.com



 

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