When Kenneth Lewis, chief executive officer of Bank of America Corp., unveiled the acquisition of Merrill Lynch & Co. on Sept. 15, he called its 16,000-strong brokerage group the firm’s “crown jewel.” Only a month later, the brokers were rebelling against their new parent.
Members of the Thundering Herd were steamed over the Bank of America employment contract they were asked to sign. Merrill was part of an industry group that let departing brokers who joined another member firm take their clients with them. The contract suggested that Bank of America might not join the group or honor the agreement.
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