BofA’s Moynihan vetoed Thiel’s plan to cut broker pay: Source
Bank of America CEO Brian T. Moynihan
According to a source, BofA boss Brian Moynihan vetoed John Thiel's plan to cut the Merrill grid by 2 percentage points.
Bank of America Corp. Chief Executive Officer Brian T. Moynihan blocked a proposal to cut the main component of most brokers' pay for 2013, said a person with direct knowledge of the matter.
The plan would have reduced the so-called grid payout for Merrill Lynch financial advisers by two percenta
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