Financial Services Industry
Industry: Email Alert RSS FeedMerrill transition policy said to be complicated by issues of gender; Problem acknowledged, but no solution yet.(News)
Investment News, May, 2005
Byline: Brooke Southall
SAN FRANCISCO - Merrill Lynch & Co. Inc.'s current program for transitioning books of business - allowing brokers with an eye on retirement to make quiet deals at the branch level - has been described by one industry observer as "conflict avoidance.'' But it failed to avoid a public conflict between the brokerage giant's wealth management chief and one of his female brokers.
As a result, the firm plans by this summer to put on the front burner an issue that has been simmering since 1997, when a group of female brokers filed a class action alleging that they were being cut out of the old-boys' network with regard to the passing-on of books.
Robert J. McCann, vice chairman of wealth management for Merrill Lynch...
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