Merrill Retention bonuses and leaving

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Feb 7, 2010 8:49 pm

Anybody sign a Merrill retention bonus, dislike the new culture, get recruited by another firm, and seriously consider the option. How do you go about paying back the bonus?

 
Thanks!!!
Feb 7, 2010 9:58 pm

make sure the new check you get clears.  Then you write a check to your old firm. dont forget to sign it.

Feb 8, 2010 5:25 pm

More than likely you will get a letter in the mail from your Complex Director asking you to send a check in to pay back the loan.   Just curious, what is it that you do not like about the ML/BAC?

Feb 8, 2010 5:26 pm

I have not seen much of a change in ML culture. It seems as if they are making BAI adopt to their culture not vice versa. From what I am hearing not a whole lot changes for ML brokers aside from them being asked to sell some Bank products.   

Feb 8, 2010 7:24 pm
cutacheck:

I have not seen much of a change in ML culture. It seems as if they are making BAI adopt to their culture not vice versa. From what I am hearing not a whole lot changes for ML brokers aside from them being asked to sell some Bank products.   





Your insane. The 85 brokers in my old office say everything has changed. How about that BAC rep looking over your book for cross sell opportunities? How about the name being mud in this market? How about a tool lawyer as CEO from Fleet bank because no one else would take the job? How about reduced payouts? How about all BAC RESEARCH....all the ML people left? How about support being divided between all? How about the CA's being told they need to water the plants because that service was canceled? From what I hear it is totally changed? Your nuts

Feb 8, 2010 7:55 pm
suspended:
cutacheck:

I have not seen much of a change in ML culture. It seems as if they are making BAI adopt to their culture not vice versa. From what I am hearing not a whole lot changes for ML brokers aside from them being asked to sell some Bank products.   



Your insane. The 85 brokers in my old office say everything has changed. How about that BAC rep looking over your book for cross sell opportunities? How about the name being mud in this market? How about a tool lawyer as CEO from Fleet bank because no one else would take the job? How about reduced payouts? How about all BAC RESEARCH....all the ML people left? How about support being divided between all? How about the CA's being told they need to water the plants because that service was canceled? From what I hear it is totally changed? Your nuts



 
Yea, but they kept the logo....maybe that's what he was talking about.
Feb 8, 2010 8:06 pm

Good point

Feb 8, 2010 10:02 pm

That is why I asked. As an advisor I would be pissed if some wealth management banker tried to go through my book and take cash out of my AUM to go into some cheesy checking account or tier 5. And I agree about the tool Lawyer. Moynihan was always the guy completely against an investment arm, and now he runs one. I did not hear about CA having to water plants but in our office we stil lhave the garden peopl coming in to water for us.    I guess people cant be that unhappy if they are staying at the firm.

Feb 8, 2010 10:04 pm

And nothing against the brand Merrill Lynch but the only reason why they kept the brand was so that the entire heard did not leave the firm. Every time BAC buys a company they always change it to BAC. The one thing they did not change was US Trust.