ML people are jumping ship to go to UBS and other firms cause they are worried about bank ownership when in fact EVERY large firm is or will be owned by a BANK? Lame!
It isn't just bank ownership. It is culture. BofA is Walmart and always will be. Doesn't make them bad, just not a great fit with most successful advisors who are entrepreneurial. BofA simply does not have a good track record in taking over other companies. They view it as a win and the target is the loser. It is simply who they are and always have been.
Former BAC employee here on the bank side. Agreed with bancofamigo. Comparing the ownership of UBS to BAC is apples to oranges.
I can still think of one firm that's not owned by a bank.... I'll give you a hint, everyone here HATES them.