Bank of America’s Ken Lewis: We’ve retained top advisers
Bank of America's outgoing CEO Ken Lewis says the economy may be improving but the recovery in the financial industry remains slow.
Bank of America’s outgoing CEO Ken Lewis said at a conference in New York this morning conditions have finally settled down in the company’s retail brokerage business, after months of integrating BofA’s financial advisory business with Merrill Lynch & Co.’s “Thundering Herd.”
Mr. Lewis noted this morning that the headcount in the combined retail brokerage businesses has leveled off at some 15,000 advisers. Earlier this year, this business had just over 16,000 financial advisers.
Mr. Lewis added, however, that BofA/Merrill has retained 94% of its top-producing financial advisers since the two firms merged in January.
On a broader note, Mr. Lewis said that the economy may be improving, but the recovery in the financial industry remains slow.
In what may be his last address to analysts, Mr. Lewis said at this conference Tuesday in New York that Bank of America and other banks continue to be under great pressure.
He says if we are seeing the beginnings of a real, sustainable economic recovery, it is in its very early stages and is very fragile. But he says the early economic signs suggest we may be on the path to better days.
Mr. Lewis is set to retire at the end of the year. Bank of America, based in Charlotte, N.C., is searching for his replacement and said Monday it could be announced by Thanksgiving.
InvestmentNews reporter Jed Horowitz and The Associated Press contributed to this story
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