Can Bank of America (BAC) Keep Merrill Lynch (MER) Brokers Happy?
The New York Post published a column this morning contemplating whether Bank of America (NYSE: BAC) will be able to keep Merrill Lynch's (NYSE: MER) brokers, who are used to Merrill's posh culture and generous bonuses. The Post is reporting that many Merrill brokers are unhappy with what Bank of America has offered to keep the Merrill workers on.
The Post said that the anger from the Merrill employees is high and that between 20% to 30% are considering to jump ship. Merrill officials estimate the departures will amount to no more than 15% of staff.
Whatever actually happens is anyone's guess, but this pay issue raises the question whether Merrill employees, who are accustomed to lush perks, will be able to get used to Bank of America's more frugal culture.
Competitors like Morgan Stanley (NYSE: MS) and UBS (NYSE: UBS) are now aggressively targeting unhappy Merrill Lynch employees, with promises of paying double what the Merrill brokers are currently being offered in retention bonuses.
Merrill Lynch provide investment, financing, insurance, and related services.
Bank of America Corporation is a bank holding company.
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