Bulk of top Merrill brokers to join BOA
15 November 2008
16 CommentsNEW YORK – Merrill Lynch & Co said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp (BOA) when that bank buys Merrill at the end of the year.
More than 6,200 advisors accepted a retention package offered by BOA that was targeted at the top-producing brokers, a spokesman for Merrill said.
Of the brokers bringing in US$1.75 million and more in fees and commissions, 99.3 per cent accepted a package that gives them a loan up-front equivalent to those fees and commissions and which BOA will pay down over a seven-year period.
In all, about 6,600 advisors who brought in more than US$500,000 for Merrill were eligible for a retention package.
Merrill expects most of its remaining 10,000 brokers who were not offered bonuses will also join BOA, the spokesman said.
BOA has said it will complete its purchase of Merrill by the end of the year. Shareholders of both companies are scheduled to vote on the merger on Dec 5.
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