The article notes that Bank of America’s Merrill Lynch division will no longer pay its advisers on business done in new relationships they establish that are under $250k. Previously, the cut off was $100,000 dollars. What this means, quite simply, is that no Merrill adviser is going to pursue such business.
It's about $1.7Bn in commissions (formerly) paid to Merrill brokers.
Here's the best part:
...A few gents I spoke with are already looking at other shops. Another told me he considers this voiding his employment contract, and is speaking to his attorney about his options.
Fortunately for him, Angelo Mozilo has more than $250K on the side.
HT: Ritholtz
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