After self-inflicted punishment, Bank of America seems to reverse bonus policy to steady Merrill Lynch ship

RIA Biz Financial Advisor News

June 9, 2017

Louis Diamond Quoted

By Lisa Shidler

Merrill Lynch & Co. quietly reversed its decision to slash recruiting bonuses after an intense backlash made the move untenable.

Still, there were tea leaves of a different contour for Merrill Lynch execs to read, according to Louis Diamond, a recruiter for Diamond Consultants.

A year ago, when UBS slashed its recruiting, the other firms saw the strategy seemingly pay dividends, he adds.

“Morgan, UBS and Merrill all cited their own reasons as to why they’re going to stop recruiting and they’re trying to change the narrative. Morgan Stanley and Merrill Lynch thought UBS was crazy when they stopped recruiting and they had some of their best numbers. UBS was a case study that you can pull back.”

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