If you take a look at the package that Bank of America is offering Merrill Lynch brokers, it's clear that it is mainly interested in keeping the really top producers--the big bulls in the Thundering Herd, the ones generating more than a million in commissions. Incentives for the lesser ones are not nearly as grand. If you're a big bull, Bank of America needs you.

A Portfolio item notes that at a certain level, the end client is more loyal to the broker than the firm, which is bad news for Bank of America. So the bottom line is that Bank of America must, essentially, rehire all top Merrill brokers, which is good news for them. It's nice to be wanted at a time like this. So the predicted rush to the exit by Merrill brokers may not happen after all.

For more:
- here's the item [1]  
- brokers at Merrill fume about pay packages. Article [2] 

Related Articles:
Big war on for Thundering Herd [3]
Thundering Herd running out of steam?
Bank of America and Merrill Lynch agree to deal, valuation at issue [4]