Now Bank of America BAC.N Merrill Lynch, one of the founding signers of the truce, is taking steps to erode the agreement, industry lawyers say. The bank is making it harder for brokers to take some of their clients with them when they leave Merrill Lynch—specifically, clients that were referred to the broker by a Bank of America branch. Brokers in recent months have been asked to sign contracts saying that if they leave Merrill Lynch, they can't take the names or phone numbers of those customers with them, because those clients belong to the bank. The original 2004 signers were Merrill Lynch, UBS AG UBSG.VX and Smith Barney, then part of Citigroup Inc, C.N and more than 1,200 brokerages have since signed onto the pact known among industry veterans as "the protocol." Bank of America acquired Merrill Lynch in 2009 in the wake of the financial crisis.
via Business News http://ift.tt/1Ltkp5z
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