Big war on for Thundering Herd

We've noted as of late that the cachet of being a wirehouse broker has really faded. The credit crunch, and resulting turmoil in the industry, has prompted many wirehouse guys to ponder their futures. At Merrill Lynch, most people assume it's open season. Brokers are no doubt fielding calls from headhunters, friends and the likes of Morgan Stanley. But Bank of America is not going to let the Merrill Lynch brand name crumble without a fight. Bloomberg reports that CEO Ken Lewis has authorized big bonuses to retain the top talent. For the biggest producers, the bonus could equal the annual revenue they bring in over seven years. We'll see how that alters the dynamic. The urge to leave may be even stronger.

For more:
- here's the Bloomberg article

Related Articles:
Thundering Herd running out of steam?
Thain to stay at Bank of America
Bank of America and Merrill Lynch agree to deal, valuation at issue