Merrill Brokers' Pending Exodus Likely Exaggerated

I’m as willing as anyone to believe Merrill (MER) brokers are itching to move elsewhere once the BofA (BAC) deal closes. But the New York Post’s report yesterday that “between 20 percent and 30 percent of the 16,800-strong brokerage force might jump ship” following the deal sounds a tad overwrought.

First, any time a wirehouse is acquired, unnamed sources will predict big-time attrition. (Often those sources are headhunters. It’s in their interest to shake things up.)

Besides, the Post says the brokers most disaffected tend to be smaller producers. BofA probably doesn’t care whether those people stay or not, anyway. . . .

Comments

[DonSuper:]

yeap! exactly...

2008 Nov 04 09:06 AM

[pedroperez:]

this is not a done deal yet. wait for the bac shareholders vote.

2008 Nov 04 01:39 PM