Ask anyone working for the bank about how they have performed in past acquisitions. Listen to Ken Lewis on 60 Minutes. BofA looks at the purchase of Merrill as a victory and to the victors go the spoils. Over 55% of current revenue comes from consumer banks operations, then a goodly portion from Commercial, then Business Banking. Less than 5% comes from Premier Banking & Investments. Of GWIM, the majority of revenue comes from Columbia Management (fund family), then the Private Bank/US Trust. I know personally BAI FA’s that have brought in on their own large accounts only to have them moved to the Private Bank without so much as a thank-you (plus 50% revenue for 3 years). The bank thinks they have the best model anywhere.



Lastly, why does BAI call production RMG - Relationship Management Growth? They cut trails and fee based compensation in 2006 at the same time they started calling production, RMG.



I predict that within 2 years, the Merrill Management that has stayed on for the transition will “move on to pursue other interests” and someone from some unheard of bank division will be put in place. Then the ML FA’s that stayed will wonder what they have gotten themselves into. Rumor is that ML/BofA is going to back out of the protocol and when you try to flee the borg they will slap TRO’s on you.



BofA is bad news for those of us who are professionals - who are pro-client and respect the business we have chosen as a career. I left and am thrilled I did so.



I am not saying you cannot be successful there and I am also not saying there are not some good folks there. But, by-and-large, the organization does not have any pride in what it does and feels more like K-Mart than the Walmart many claim BofA is for banking.

Amigo,

Gracias

just remember what retention packages are . . . not “getting paid to stay put.”

bravo for the banco & conage  sad, but very true statement.