Merrill Lynch Has Shed Business Manager Jobs In Wealth Arm - Report

Tom Burroughes

26 March 2009

Merrill Lynch Global Wealth Management, now a unit of Bank of America, has shed some business manager jobs, letting some employees go and retaining others in new roles, according to people familiar with the situation, Dow Jones reported.

The move, which affected about 150 employees, is the latest effort by the wealth manager to cut costs following layoffs of less than 10 per cent of its branch support staff and several hundred rookie brokers in December and February, respectively.

In recent years, a team of business managers often assisted Merrill directors in running brokerage complexes. With the shift, some employees who stayed with the firm could provide the same responsibilties in an analyst type role. However, Merrill will continue to have business managers at both the regional and divisional level, the DJ report said.

The personnel shift is part of Bank of America's previously announced plans to cut as many as 35,000 jobs over the next three years. A Merrill Lynch spokeswoman said that "any work-force reductions taking place are related to this previous announcement. The reductions are coming from both companies and affect all lines of business and staff units”.