The cultural clash at Merrill Lynch – Bank of America has sent another powerful senior executive out the door. Mitchell Cox, a senior vice president in the Wealth Management group, is leaving. And we hear he’s taking a large team with him.
Merrill Lynch’s wealth management unit has actually been in turmoil for over a year, when Mac Gardner departed. The firm named Dan Sontag to be its head of Americas wealth management. Sontag then got tapped to run the brokerage business at Merrill after Bob McCann left following the acquisiton by Bank of America.
It’s not clear where Cox is headed. In fact, that’s a mystery that has many heads ascratched this morning. Cox reported to Sontag.
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