Sallie Krawcheck, head of Bank of America’s wealth management, says she has no plans to do “stupid things” to pay policies that might spur financial advisers to leave the bank, reports Bloomberg. In response to questions concerning whether she plans to make drastic changes to financial advisers’ compensation, Krawcheck said: “We are not doing any of that stuff.”
Krawcheck, the former head of Citigroup’s Smith Barney wealth-management division, joined Bank of America in August. Chief Executive Officer Kenneth Lewis announced last week that he would step down at the end of this year, fueling much speculation on who will replace him.
According to Reuters, Merrill Lynch’s name and long-time bull logo will be reinstated, the company known as Merrill Lynch Wealth Management. The new unit will be one of the two primary units in Bank of America’s Global Wealth and Investment Management division, according to Krawcheck.
During a CNBC interview, Krawshack , said that she would “smash U.S. Trust and Merrill Lynch together.” As to whether Krawcheck plans to replace Kenneth Lewis as Bank of America’s CEO, “I’m very much focused on the job I’m doing.”