“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Sunday, 22nd November 2009
Bank of America has unveiled a new service allowing baby boomer, wealth management clients at Merrill Lynch to automatically transfer funds to standard BofA accounts, according to a Reuters report.
The service, titled My Retirement Income, will be offered to customers having average invested assets worth $250,000 (€167,764).
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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