We’re hearing from a well placed source that Bank of America is planning a 10 per cent headcount cut in its private client group. That could amount to approximately 1,600 brokers on the chopping block. It’s not clear whether the cuts would strike deepest into legacy Bank of America staff or the Merrill Lynch staff.
We haven’t confirmed this story, and no official announcement has been made. Today it was reported that Bank of America would shut 10% of its branches.
The rumour is that brokers in the bottom 20% of production could find themselves being shown the exit doors. And while there has been heavy recruiting of brokers by Merrill Lynch’s rivals, most of that action is directed at top producers. The bottom rung may well have trouble finding new spots in a treacherous job market.
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