Merrill brokers unhappy over retail sales-paper

Mon Nov 9, 2009 10:56am GMT
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Nov 9 (Reuters) - Bank of America Corp's (BAC.N: Quote, Profile, Research) move to push Merrill Lynch's brokers to sell checking accounts and other retail banking products to their clients is being resisted by some of the group's brokers, the New York Post said citing sources.

The paper cited sources saying some of the brokers had argued that selling retail banking services is neither profitable for them nor terribly useful to their clients.

"I want to focus on the markets -- and that's challenging enough," the paper quoted one broker as saying.

Lyle LaMothe, head of Merrill's U.S. Wealth Management, told the paper in an emailed statement: "As advisers our job is to make sure our clients are aware of the full breadth of resources and tools available to them."

Bank of America could not be immediately reached for comment. (Reporting by Supantha Mukherjee in Bangalore; Editing by David Holmes)

 
 
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