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Krawcheck: I'm Staying; No Merrill Pay Change; US Trust Remaining Intact
Charles Paikert
Family Wealth Report
27 May 2010
Sallie Krawcheck, president of Bank of America's global wealth division, is not leaving the firm, isn’t going to change the pay scale for Merrill Lynch financial advisors and isn’t folding US Trust into Merrill, according to a Bloomberg news story yesterday. In an e-mail obtained by the news service, Krawcheck told Merrill’s brokers and advisors that she has no plans to leave and that there have been “zero discussions” about changing their pay. “Our businesses and I have the full support of Brian and the rest of my partners on his senior leadership team,” Krawcheck said in an e-mail sent on Wednesday, referring to Brian Moynihan, Bank of America’s chief executive. Changing compensation for Merrill Lynch advisors “is simply not on the table,” she wrote in the e-mail. “While I’m swatting down rumors, let’s also put the one about folding US Trust into ML to rest once and for all.” On Monday, CNBC reported that some executives at the Charlotte, North Carolina-based lender were moving to oust her. A spokesperson for Bank of America Merrill Lynch said yesterday that the report wasn’t true. She confirmed the accuracy of the Bloomberg report but did not comment further.