Bank of America Corp. shifted bonuses at U.S. Trust to focus employees on adding clients and boosting account balances, a change that could mean lower pay for some members of the wealth-management unit.
Bank of America Corp. brokerage head John Thiel, who boosted incentives for financial advisers to steer clients to more of the lender’s products, said the firm’s strategy to garner more fees is taking hold.
Sallie Krawcheck , president of Bank of America Corp. ’s wealth-management division, narrowed her search to replace the head of the firm’s 15,500-person brokerage to deputies including Andrew Sieg and John Thiel , said two people with direct knowledge of the process.
April 1 is the 72nd anniversary of the day that a merger of brokers created Merrill Lynch, E. A. Pierce & Cassatt. While the predecessor firms trace their histories back almost a century, the brokerage known in the trade as ``Mother Merrill'' came together in 1940. Amid the incessant drumbeats of protesters and strident manifestos upon resignation, amid the debates over the Volcker rule and the Buffett tax, the words of Charles Merrill serve to remind the financial community of the quiet power of doing well by doing good.
Millionaires in the Asia-Pacific region overtook Europe in terms of population and wealth for the first time in 2010, bolstered by economic growth in China and India, according to Capgemini SA and Bank of America Corp.
Bank of America Corp.’s David Darnell, the commercial banker put in charge of the lender’s Merrill Lynch brokerage, promised employees he’ll do anything including “get out of the way” to help them improve results.