Bank of America
Through a program that began in November, Merrill specialists have been rapidly reaching out to customers of departing brokers to pitch clients on staying behind.
Matthew MacMichael, who had led the 300-advisor Evergreen Market since 2018, is taking on a producing role with former Merrill superstar Phil Scott’s team.
Bank of America Corp. joined JPMorgan Chase & Co. and Wells Fargo & Co. in closing offices for Juneteenth starting next year after President Joe Biden signed the federal holiday to commemorate the end of slavery in the U.S. into law.
Mollie Colavita is expected to join J.P. Morgan Wealth Management as head of practice management, after a garden leave.
At least five of the firm’s roughly 105 market-level managers have left since April, including four last week, as sources pointed to a 30% bonus cut and shifting performance goals as underlying reasons.
The revamp of the training program, which will take 18 months instead of at least 36, comes as the firm extended permanently a ban on trainees and advisors from cold calling client prospects.
Evelyn Varner, who spent 10 of her 16 years in the industry at Bank of America Merrill Lynch, has joined Wells as head of advice enablement.
The wirehouse’s new hires include a Merrill resident director to oversee its Roseville, CA office and a Bank of America private bank team touted by a source as “one of the largest” in the Bay Area.
Industry-wide, margin account debit balances have increased 72% year-over-year to $822 billion at the end of March, according to Finra, and wirehouses are seeing the benefits in loan growth.
The hires in Newport Beach follow only a week after the firm netted a mega private banking team in Texas from J.P. Morgan Private Bank.