Merrill Lynch, Carver in interesting partnership

Merrill Lynch is pursuing more customers from underbanked areas via a new partnership with Carver Federal Savings Bank. Carver branches in Harlem and  Fort Greene, Brooklyn will house Merrill Lynch financial advisers in new booths. Merrill will sign up customers for brokerage accounts and other products and services. Customers at other Carver branches will also be able to tap Merrill advisors. A special team of advisors will handle the calls. Carver and Merrill will split all costs and revenues. The new partnership also calls for educational seminars at the branches. Both firms are convinced there is hidden wealth in these neighborhoods. The deal seems to be borne of the common conviction by Stanley O'Neal of Merrill Lynch and Deborah Wright of Carver.

For more:
- here's a New York Times article