75% of Client Managers laid off at B of A today
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Does anyone know how the few remaining CM's will be utilized at Merrill Lynch? I am hearing that they will be assigned to ML offices. They will either be:
!. A credit and mortgage specialist that the brokers can utilize to help them close business. or 2. CM's like the old B of A days where they are allowed access to all the clients and can call them at will. I'm not sure how receptive the ML brokers will be to #2.The salaried bankers that were supposed to work with advisors on generating referrals. It worked so well that they’ve shut the entire division down.
I herd they will be moved to ML offices. The real question is were does that leave BAI? In ML offices? Will we stay in the branches? Only time will tell.....
That 75% number turned out to be b.s. Essentially all of the client managers/banking specialists were severed, effective end of month.
Wirehouse model here we come. Eat what you kill.I feel for you BAI/Merrill guys. Honestly, I do. I could only believe that if it were me, I’d be getting as many brokers together as I could and form our own firm.
I feel bad for the BofA folks that are feeling the pain. I came to Merrill from BofA and now I’m watching friends drop left and right in this business. Sad times.
[quote=The One-Eyed Man]That 75% number turned out to be b.s. Essentially all of the client managers/banking specialists were severed, effective end of month.
Wirehouse model here we come. Eat what you kill.[/quote] Where did you get 100% from???this merger might not be a bad idea. Give good agressive brokers-merrill access to all the banking clients at BofA. in the long run, ken lewis may not have screwed up on this one
rotflmaothis merger might not be a bad idea. Give good agressive brokers-merrill access to all the banking clients at BofA. in the long run, ken lewis may not have screwed up on this one
True, but these client managers are on the Bank of America side.The thundering herd is thundering out the door!
No fan of this ML/BofA combination, but this move was not surprising. Think about it, BofA just eliminated more fixed compensation expenses. These people were traffic cops just directing customers to the appropriate area. Why do that when BofA can let the Merrill advisors have access to their client base?
Everyone should remember that banks are looking to do two things: cut expenses and find more ways to distribute bank products/services. The elimination of the CMs cut expenses, and they have ML now to distribute their banking/lending products and services. This blueprint will continue.Yeah, but for those FAs who had CMs service their clients’ banking needs, a few questions remain.
Who will take care of their banking needs going forward? If they are going back to the consumer bank to stand in line at the understaffed bank branch, it’s not good news for our clients.
I’ve got no problem getting paid if I sell a CD or Mortgage, but the service work has to be done by someone else.
Having previously worked at BofA (in IBanking) I can attest to their culture of agressively pursuing mediocrity.
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I believe that the PRC will still service those clients and the smaller clients will be moved back to consumer.
I'm not sure about you guys but the branch has a different feeling now that they are gone. I have to thank ML for schooling these stupid banker’s on how to run a brokerage firm. We have been screaming for years to change this platform! It didn’t work the day I got here five years ago and it didn’t work the day they where fired.
Thanks ML
Hey BAI:
Waiting an hour on the phone to speak to someone at the PRC will not work for the higher net worth clients of the bank. More importantly, leaving all of the CMs in place for two weeks to close loans for the quarter is one of the dumbest business moves I have ever seen. Leaving disgruntled, terminated employees to mine the client data and look for their next banking job will surely result in a significant exodus of good BAC clients to the competition. That fact will also impact BAI FAs in a big way. Let's get real...with Merrill now running the show, BAI reps and BAI management ultimately will be marginalized to the point of extinction. What delicious irony...Merrill was on its knees begging for BAC to save it, and now BAI is taking in the a**.