Bank of America Corp. CEO Ken Lewis is focusing on keeping the luster of the Merrill Lynch & Co. brokerage unit he once described as the "the crown jewel." He's gone so far as allowing any of the 15,500 Merrill brokers to leave BofA without facing legal action, according to Bloomberg.
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Bloomberg reports the Charlotte, N.C.-based bank sent a memo Wednesday to all employees that it will adopt an industry practice that
allows its newly adopted Merrill brokers to quit without facing legal action. This move follows an Oct. 24 announcement that brokers
who remain with BofA will qualify for a bonus of as much as 100% of
their annual revenue.
Merrill brokers have until Nov. 14 to decide whether to
accept the retention packages. - Gerald Magpily
See Bloomberg article
