Bank of America aims to return Merrill Lynch’s “thundering herd” of retail brokers to full strength by adding as many as 2,000 people to its global wealth management division over the next year. The US bank plans largely to train rookie brokers in its drive rather than launching a costly price war for experienced talent. The decision underlines BofA’s desire to keep pay expenses in check. But the move could also make it more difficult to service wealthy investors.

This entry was posted by Gwen Robinson on Wednesday, February 3rd, 2010 at 5:26 and is featured in The 6am Cut London (3 Feb 2010) . Tagged with bank of america Merrill Lynch. Edit this entry.