John Thain, chief executive Merrill Lynch & Co. Inc. of New York, said today that the firm's employees support being taken over by Bank of America Corp. of Charlotte, N.C.
“Already this morning, almost 100% of the [financial adviser] reaction has been positive,” Mr. Thain said at a press conference this morning.
Mr. Thain and Bank of America Corp. chief executive Ken Lewis later held a conference call with the firm's brokers.
“I was shocked there were not more pissed-off people” on the call, said one Merrill broker, who asked not to be identified.
“There was this overlying sense of resignation,” this rep said.
Brokers were told they would be offered retention packages, but no further details were given during the call, the broker said.
Some of his clients were in a “mild panic” about the sale of Merrill and the safety of their money, he added.
Overall, “clients are positive,” said another Merrill rep, who asked not to be identified.
The deal removes some of the uncertainty surrounding the firm, he said.
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