Bank of America Corp (NYSE:BAC) to add financial advisors of Merrill Lynch

Posted by Steve Raasch September 23, 2013 0 Comment 2185 views

Come Monday and Bank of America Corp (NYSE:BAC) will commence adding financial advisors from Merrill Lynch to its Albany, New York area branches. The district President at Albany for the bank, Jennifer MacPhee and the director of Merrill Lynch’s NY Capital Complex said that these 2 businesses have been mutually referring clients since the point of time that Merrill Lynch was acquired by Bank of America Corp (NYSE:BAC), 5 years ago. To date, they have been operating out of different offices.

On 23 September, Merrill Lynch advisors will move into Bank of America Corp (NYSE:BAC)’s branches in Loudonville, Saratoga Springs, Niskayuna, Albany, Clifton Park, Rotterdam, Colonie and Latham. MacPhee said that these moves were only part of the first phase.

Answer to customer demand

Bank of America Corp (NYSE:BAC) has 36 different branches with approximately $1.5B in deposits just in the greater Albany region. The four Merrill Lynch offices that are currently located there will continue to be operational. This move is in direct response to the trend of various clients walking into branches requesting to meet Merrill Lynch advisors.

People are increasingly opting for online and mobile banking but some customers still prefer heading straight for the banking centers to conduct their businesses. MacPhee added that there are small business bankers and mortgage specialists at the branches and now there will be Merrill Lynch advisors as well.

Friday’s trading

In Friday’s trading, Bank of America Corp (NYSE:BAC) dipped 1.16%. The opening price of the shares was $14.65 which climbed to an intraday high of $14.66 and closed at $14.44. Approximately 145.17 million shares were traded on Friday. The average volume of Bank of America Corp (NYSE:BAC) shares traded over 30 days was 83.70 million. The 52-week low of the company’s shares is $8.70 while the 52-week high is $15.03. The company has a market capitalization of 155.13 billion.

About Steve Raasch

Steve Raasch is a breaking news reporter for GDP insider. During his nearly two decades of editorial experience, Steve has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior. Steve is very passionate about his work. Steve earned a master of arts degree in international relations from the Johns Hopkins University School of Advanced International Studies in Washington.

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