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BofA In A Panic? Unilaterally Imposes Garden Leave Provisions

By Mark H. Astarita, Esq.

It never ceases to amaze me that Bank of America has managed to stay in business. Personally, I always thought they were a terrible bank, with terrible rates, annoying terms and conditions, and really annoying marketing. As a brokerage firm, they have simply bumbled and stumbled their way through the acquisition of Merrill Lynch, turning a unique opportunity into a disaster.There are too many misteps to detail, but the ones that directly affect brokers makes the point - plus there is a new disaster breaking.Right after the merger Bank of America had a problem. Its US Trust brokers had some of the same clients as its Merrill brokers, and the two firms were, on a certain level, competitors. The same is true on the retail side, but the problem is what do you do about integrating the brokers and the customers?There are any number of solutions, but Bank of America decided that brokers who Merrill recruited from US Trust could no longer solicit their US Trust clients to join Merrill...continue to full post

Full post as published by SECLaw.com on March 08, 2011 (boomark / email).