![]() ![]() in number of brokers, said its adviser force fell by more than 1,000, or 8.3 percent, since the end of 2012 to 13,771. Merrill, which trails Morgan Stanley and Wells Fargo & Co. Trust private bank ended the year at $821.4 billion, up 17.7 percent from $698.0 billion one year earlier. Assets under management at Merrill and Bank of America’s U.S. Traditional brokerage client balances at Merrill climbed 9.9 percent to $1.04 trillion at yearend 2013 from $960.3 billion one year earlier. Officials at the United State’s third-biggest brokerage firm, which Bank of America Corp bought in 2009 during the financial crisis, said quarterly revenue of $3.7 billion reflected record asset management fees that grew to $1.4 billion as well as higher sales of bank loans and deposit accounts to brokerage customers.Ībout one-third of Merrill’s brokerage revenue comes from traditional brokerage commissions, another third from fee-based accounts that grew on market gains and asset-gathering and the final third from net interest income related to loans and other bank products that brokers sell, a spokeswoman said. NEW YORK, Jan 15 (Reuters) - Merrill Lynch’s once-thundering herd of retail brokers fell below 14,000 during the fourth quarter of 2013, but average broker productivity rose to $1.03 million, fueling a 6 percent jump in quarterly revenue. (Company corrects fees in paragraph 2 to $1.4 bln, not $1.04 bln corrects paragraph 4 to say balances “rose to $1.04 trln from $960.3 bln,” not “$1.04 bln, from $960.3 mln” corrects paragraph 5 to show some layoffs were from training program) ![]()
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