It is being reported that Bank of America, the second- biggest U.S. lender by assets, may reduce annual costs by as much as an additional $3 billion in the next stage of Chief Executive Officer Brian T. Moynihan’s efficiency plan (the company has already reduced costs by as much as $2 billion). It appears likely that certain of these cuts will occur in Bank of America’s wealth management unit as the bank continues to attempt to streamline its operations.
This may hasten the increasing shift of wirehouse brokers to independent and advisory firms as former Bank of America representatives seek a landing spot. This will also no doubt create a great deal of transition related litigation (including solicitation claims, and claims dealing with unpaid promissory notes).
If you are a Bank of America advisor concerned about your litigation exposure in light of these upcoming cuts, The White Law Group may be able to help. The firm has helped numerous financial advisors with promissory note disputes and other transition related litigation.
For more information on The White Law Group’s securities employment practice, please visit https://www.whitesecuritieslaw.com.