Merrill Lynch’s Thundering Herd is having a huge crisis of confidence.
The New York Post reports that Bank of America’s integration of the prized brokerage empire is spooking many Merrill financial advisers, who are balking at CEO Brian Moynihan’s arm-twisting corporate culture, people familiar with the company say.
The bank’s efforts to wring profits from its Merrill unit is turning off many of the Herd’s professionals, Merrill advisers said, privately complaining that BofA’s persistent push to cross-sell banking and brokerage products is the problem.
Former advisers and industry insiders accuse BofA of tarnishing the proud Merrill brand.
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