BofA reports drop in global wealth and investment management

Bank of America said on Wednesday that first-quarter profit and revenue fell in its Global Wealth and Investment Management division from a year earlier on lower commission income and higher expenses.

Reuters reports that the unit, which includes the Merrill Lynch brokerage and U.S. Trust private banking business, was also hurt by falling interest rates, the company said.

In a conference call with investors, Bank of America CEO Brian Moynihan defended the performance of Merrill Lynch Wealth Management head John Thiel. According to some published reports, Thiel has lost the confidence of some veteran Merrill brokers.

To access the complete Reuters article hit the link below:

BofA's wealth business wilts but Thiel retains support

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