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.
DEC 08, 2009
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

Latest News

Five-person Raymond James team jumps to Janney in Maryland
Five-person Raymond James team jumps to Janney in Maryland

The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.

$20B Merit looks to next phase as Constellation takes minority stake
$20B Merit looks to next phase as Constellation takes minority stake

The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.

$350M father-son duo hops from Osaic to Equitable Advisors
$350M father-son duo hops from Osaic to Equitable Advisors

The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”

Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds
Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds

The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.