Bank of America is merging its
Premier Banking unit into Merrill Lynch Global Wealth Management
and cutting as many as 1,600 jobs as it looks to consolidate its
sprawling wealth management empire in the US.
A spokesman would not confirm the number of
job losses the move will involve, but said it would form part of
the three-year 30,000 to 35,000 head count reduction outlined when
Merrill was bought by Bank of America (BofA).
Go deeper with GlobalData
He said the combined organisation, excluding
BofA’s US Trust business, would have 20,000 client-facing
staff.
Bank of America/Merrill had 21,625 client
facing staff at the end of 2008, excluding US Trust, according to
figures in its annual report and PBI’s Global Survey
(see PBI 246).
BofA had 2,481 Premier Banking client
managers, 2,001 financial advisers in BAI, while Merrill had 16,090
advisers. There were a further 1,053 sales assistants in
BAI/Premier Banking.
Bank of America is looking to build its wealth
business on the Merrill model, and the changes to its Premier
Banking and Bank of America Investment Services bring it closer to
that, the spokesman said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
