Betrayed, dazed and confused, some call it high treason inside Merrill Lynch.
The New York Post reports that Merrill’s 'Thundering Herd' of financial advisers — nearly 14,400 professionals who manage a staggering $2 trillion in client assets — are licking their wounds after a special shareholders vote last week that backed a move to allow Bank of America CEO Brian Moynihan to keep his chairman’s job, insiders say.
The result of the vote has divided more than conquered.
Merrill advisers, infuriated with the bank’s already tight grip on the levers of power at the much-admired brokerage giant, see it as further reinforcing its control. BofA’s tight-fisted sales and stuffy corporate practices rub many advisers the wrong way, the FAs claim. And Moynihan’s newly strengthened hold as commander-in-chief, both of the board and in the executive suite, has many Merrill FAs acting like raging bulls.
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