BofA Misses Q1 Estimates; Wealth Profits Fall 11%
Merrill Lynch boosts its advisor force and faces higher compensation and related costs.
Ex-NFL Star Sues BofA for $20M
Dwight Freeney, a former Colts and Chargers player, accuses the bank of getting him caught up in a con game.
Wells Adds 5 Reps as Raymond James Grabs One of Its FAs
In other news, U.S. Trust shares the names of its latest recruits, and two divorce-focused groups merge.
BofA, Merrill See Q4 Drop in Profits
The wealth unit, though, boosted sales 3% as advisor production stayed above $1 million.
Raymond James Adds 8 Advisors; Margaret Towle Joins Merrill
RJ adds advisors from largest credit union in Oregon, while Wells Fargo adds reps in Connecticut and Texas. Towle, formerly of HighTower, joins Merrill.
FINRA Penalizes Merrill $2.4M Over Pricing of GM Notes
The fine and restitution are tied to markdowns of more than 10% paid to several hundred clients over two years.
Merrill’s New Comp Plan Pushes Reps to Drop Small Clients
Enhanced payouts will be offered to reps who bring in new high-net-worth households as smaller clients will be directed to Merrill Edge.
Bank of America Granted Penalty Relief After SEC Compromise
The SEC has resolved an impasse over punishing Bank of America in a mortgage case, clearing the way for a $16.7 billion global settlement.
Snowden Lane Picks Up $270M Merrill Duo
This news follows the boutique firm’s recruiting of a UBS team in late September.
BofA Posts Small Q3 Loss; Merrill Reps Near $1.1M in Average Production
The wealth-management operations report a pretax profit of 27.4% on net income of $813 million.