By Advisor Perspectives. Originally published at ValueWalk.
FOX Business Network’s (FBN) Charlie Gasparino reports that Merrill Lynch brokers “are threatening to leave in mass” because “they are being forced to hand over a lead – an investment banking lead to Bank of America.” Gasparino went on to report, if brokers “don’t do that you can get docked pay.”
On Bank Of America Merrill Lynch brokers:
“Brokers are threating to leave in mass because of this. They are being forced to hand over a lead – an investment banking lead to Bank of America, Merrill Lynch is owned by Bank of America to their investment bankers. If you don’t do that you can get docked pay from what I understand, they shave a percentage off your production.”
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