Bank of America
State court judge blocks brokers from soliciting 31 former customers referred from Merrill parent Bank of America but denies a broad customer contact ban Merrill had sought.
Independent firm Cambridge Investment agrees to return $3.1 million to investors in failed options fund and to pay $400,000 fine, while Merrill assents to $450,000 for weak walls between exchange-traded note traders and marketers to retail investors.
Merrill advisor who joined UBS in Garden City, Long Island, was generating $7.1 million in annual revenue, according to a person familiar with the move.
Some Merrill managers whose branches did not meet asset growth and bank product sales goals saw bonuses drop as much as 60%, sources said.
Group violated the Protocol for Broker Recruiting by improperly taking contact information for and soliciting 31 customers carved out under a bank referral program, Merrill Lynch argues.
Separately, in another indie move, a Merrill broker joined a Maryland firm affiliated with Wells Fargo Financial Network.
Nathan Marsden, a veteran complex manager in Michigan, takes over for Brett Thelander, who resigned last month to join Rockefeller Capital after a garden leave.
Bank of America Corp. is confident in its growth prospects even as competition intensifies from fintechs including Walmart Inc.’s startup.
Bank of America Corp.’s wealthiest clients are flying south to Florida. It’s meeting them there.
Brett Thelander, a career Merrill manager who was running its ‘Mid-America’ private wealth region, will join Rockefeller after a 90-day garden leave, two sources said.
Bank of America Corp. increased margin requirements to 100% for wealth-management and self-directed brokerage clients to trade certain stocks, as firms impose limits amid wild price swings sparked by investors on social media.