Perhaps the worst fear of Merrill Lynch employees who now work for Bank of America is that they will find their jobs becoming more like those of bank tellers or other street level retail employees.
Paranoia, right? Perhaps poison being spread by competitors. Didn’t Sallie Krawcheck promise that she wasn’t going to destroy the culture of Merrill?
It turns out that Bank of America has been pushing Merrill Lynch’s brokers to sell checking accounts and other retail banking products to their clients. And, of course, the plan is facing fierce resistance from some brokers.
The New York Post cited sources saying that the wealthy brokerage clients don’t find these personal banking services worth while and the brokers don’t find selling them very profitable.
One thing that seems to have really provoked the brokers was a mass email campaign sent out to broakerage clients. The campaign touted Bank of America’s banking services.
“Moving your banking to Bank of America is easy,” one email declared.
The brokers had the option to exclude their clients from the email list but apparently many did not.
“We are proud to offer one of the deepest and most sophisticated portfolios of financial solutions in the industry,” Lyle LaMothe, head of Merrill’s US Wealth Management, said in an e-mailed statement to the New York Post, “and as advisers our job is to make sure our clients are aware of the full breadth of resources and tools available to them.”