Just days after Merrill and BofA shareholders confirmed a merger between the two banks, Merrill’s global wealth advisers are reportedly miffed that their U.S. bretheren are getting larger retention bonuses. As we said months ago when U.S. brokers were squawking about this, you should be thankful you’re getting any bonus.
Wealth Bulletin: Bank of America’s rescue of Merrill Lynch was approved last week by shareholders. Following news of the deal, practically all Merrill Lynch brokers generating annual revenues greater than $1.75m (€1.38m) have accepted the Bank of America package. However, headhunters said advisers outside the US had not generally been offered such generous terms.
Some of them have been given nothing. Average global retention bonuses are lower than those in the US, according to sources close to one Merrill adviser.
Bank of America appears to have taken the view that Merrill Lynch’s US broking network, nicknamed the “thundering herd”, is more important to group profits than advisory teams working elsewhere.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.