Bank of America said taking steps to erode industry hiring truce

White Flag

No more white flags ?

For the last decade, Wall Street brokerages have had a pact not to sue brokers that leave their firms and try to take clients with them. Now Bank of America Merrill Lynch, one of the founding signers of the truce, is taking steps to erode the agreement, industry lawyers say.

Reuters reports that the bank is making it harder for brokers to take some of their clients with them when they leave Merrill Lynch-specifically, clients that were referred to the broker by a Bank of America branch.

Brokers in recent months have been asked to sign contracts saying that if they leave Merrill Lynch, they can't take the names or phone numbers of those customers with them, because those clients belong to the bank.

To access the complete Reuters article hit the link below:

INSIGHT-Bank of America chips away at brokerage industry truce

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