Former Merrill Boss Has A Pop At Bank Of America

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Reuters has an interesting interview with Lyle LaMothe, the man who ran Merrill Lynch's herd of financial advisers until he 'retired' in March 2011.

Reuters reports that, in his first interview since his departure from the bank, LaMothe admitted that he had 'philosophical' differences with the way Bank of America approached wealth management.

He says: 'I know some people can thrive in that format, but I'm not one of them. I didn't get into the financial services business to be a commercial banker', and 'you cannot pressure good advisers to sell a product: they simply won't do it. It's almost counter-productive'.

LaMothe added: 'I'm not saying they tried to do anything untoward, but there are a lot of pots on the stove at that organization (Bank of America), and I was concentrated on just one'.

Ex-Merrill broker boss slams bank on client focus



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