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Bank of America to expand financial adviser staff

DRV1804

By DRV1804,
in Dinar Rumors

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DRV1804 Newbie

DRV1804

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Bank of America to expand financial adviser staff

http://finance.yahoo.com/news/Bank-of-America-to-expand-apf-1981674170.html?x=0&.v=1

Bank of America to nearly double ranks of financial solutions advisers to more than 1,000

On Tuesday June 21, 2011, 10:25 am EDT

CHARLOTTE, N.C. (AP) -- Bank of America Corp. said on Tuesday that it will nearly double the size of its staff of financial advisers serving its "preferred customers," those with investable assets of $50,000 to $250,000.

By the end of this year, the bank expects its ranks of "Merrill Edge Financial Solutions Advisors" will grow to more than 1,000.

Bank of America has more than 8 million preferred customers.

That group has "a complex set of needs and concerns that go beyond what the standard retail bank can offer, but they don't typically require a full-service financial adviser or a private banker," said Dean Athanasia, preferred and small-business banking executive at Bank of America.

The new advisers will be based in selected banking centers nationwide, including New York, San Francisco, Los Angeles, Dallas, Charlotte and Washington, D.C. Some will serve clients by telephone through an advisory center.

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mrref Newbie

mrref

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Posted

Bank of America to expand financial adviser staff

http://finance.yahoo.com/news/Bank-of-America-to-expand-apf-1981674170.html?x=0&.v=1

Bank of America to nearly double ranks of financial solutions advisers to more than 1,000

On Tuesday June 21, 2011, 10:25 am EDT

CHARLOTTE, N.C. (AP) -- Bank of America Corp. said on Tuesday that it will nearly double the size of its staff of financial advisers serving its "preferred customers," those with investable assets of $50,000 to $250,000.

By the end of this year, the bank expects its ranks of "Merrill Edge Financial Solutions Advisors" will grow to more than 1,000.

Bank of America has more than 8 million preferred customers.

That group has "a complex set of needs and concerns that go beyond what the standard retail bank can offer, but they don't typically require a full-service financial adviser or a private banker," said Dean Athanasia, preferred and small-business banking executive at Bank of America.

The new advisers will be based in selected banking centers nationwide, including New York, San Francisco, Los Angeles, Dallas, Charlotte and Washington, D.C. Some will serve clients by telephone through an advisory center.

I'M SORRY, BUT WHAT IS YOUR POINT HERE??? :lol::lol::lol:

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xxxgator Newbie

xxxgator

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My point is, what exactly do you think triggers such a policy and hiring?Certainly not the infinite number of new millionares we are hearing about daily on the news.1000 new special bankers to handle special accounts is 20 new employees per state, if evenly distributed .Sounds Like they are expecting an in flux of clients that are un-refined in investment and will need professional help... Unless there is some national need that smee thinks this is for i have not a clue other than rv. expectation.Maybe to many commmoner's are making money in oil/comoddities/forex?

Doubt that jmo ;)

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easyrider Newbie

easyrider

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Why the F*** would you hire financial planners NOW??????? when our economy is in the crapper why??????????????????????? doesnt make a damn bit of sense. Is something coming and they know of it?? time will tell. This really raises my supsicions now.

Edited by easyrider
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mrref Newbie

mrref

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I'M SORRY, BUT WHAT IS YOUR POINT HERE???

Another happy sign at the side of the road that we're travelling. Read xxxgator's comment. And cheer the f up.

I'M SORRY BUT WHO PULL YOUR CHAIN, WASN'T TALKING TO YOU, SO MIND YOUR OWN BUSINESS :P

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DRV1804 Newbie

DRV1804

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This is a great post and should be in the news forum. Don't mind those who don't see a correlation as to why this is RV related. Some people just don't get it. This investment is not for black and white thinkers.

Peace

My thoughts exactly!!!!! :D

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Bad Penny Newbie

Bad Penny

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JMHO, but I just see this as BoA tapping into the low hanging fruit. Now that a lot of banks have been swallowed up by the bigger ones and people have lost their arses in this economy, it makes sense to to sell financial products to those in 50 to 250K range. There are many more of them than the wealthy people on whom they customarily focused. Unfortunately, most of that fruit has already been picked. There are a lot of free lancers that have tapping that market for over the last decade that are much more adept at steering people in that demographic away from banks and stock brokerages.

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wishwell11 Newbie

wishwell11

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Your kidding right? This topic on BOA gives more support for a possible RV than anything I've read on here in a long time.

Agree!!

Just sayin....connect this article to the below which was placed in Middle-East Headlines-along with Wells Fargo and others increasing Foreign interest..while it doesn't give us a date and rate, certainly points in the right direction. Some dinar holders may consider diversifing their investments with dinar and this has to be reassuring. Its better info than what Okie has given in this topic...come to think of it..one of his last intels speak of banking industry expanding.

Wishwell11

By DAVID BENOIT

Bank of America Corp. is changing the top ranks of its foreign-exchange business at a time when the bank is trying to boost revenues in a $4-trillion-a-day market dominated by competitors like Barclays PLC and Deutsche Bank AG.

The moves, including the retirement of David Gu, who oversaw foreign-exchange trading among other things as co-head of investment-banking operations in Europe, Middle East and Africa, were detailed in a memo from investment-banking head Thomas Montag.

Mr. Gu was among the highest-paid employees at Merrill Lynch in 2008, when the firm was sold to Bank of America amid the financial crisis. The pay of some executives there, and their bonuses, was a key point of contention and Mr. Gu's pay was included in a subpoena request from then New York Attorney General Andrew Cuomo, according to The Wall Street Journal. Mr. Gu made $18.7 million in 2008, according to the Journal, after making $19.8 million in 2007.

Gerhard Seebacher, a 15-year veteran of the bank, will take over Mr. Gu's role as head of global rates, foreign exchange and structured credit trading.

Meanwhile, Graham Goldsmith will succeed Mr. Seebacher as head of global credit products, in addition to Mr. Goldsmith's current role as global loans and special situations head. Mr. Goldsmith has been at Merrill since 1994.

Both men will be based in New York, according to the memo. The changes take place immediately.

Bank of America-Merrill Lynch has been expanding foreign-exchange trading services, including new hires and a push to improve its technology.

In March, Mr. Montag said the FX business "is another business that we're not getting enough out of the banking franchise as we need, and have continued to invest in that business." He said he intends for the bank to "be a first-rate FX player."

Earlier this month the company hired a Goldman Sachs Group Inc. partner, Kevin Connors, as the global head of FX sales. In March, the bank hired Craig Reynolds from Goldman Sachs to head its North America rates trading.

The most recent Euromoney FX rankings—the annual survey by which major FX banks measure themselves—show Bank of America-Merrill Lynch is in 12th place in terms of global FX market share, the same spot it was in for 2010.

However, the bank did increase its market share by 29.5% over the past year, according to the survey, a bigger percentage jump than nine of the top 10 banks on the list.

Write to David Benoit at david.benoit@dowjones.com

Read more: http://dinarvets.com/forums/index.php?/topic/71360-bank-of-america-corp-is-changing-the-top-ranks-of-its-foreign-exchange-business/#ixzz1Q2eYgbmQ

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Heavyduty053 Newbie

Heavyduty053

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This is a great post and should be in the news forum. Don't mind those who don't see a correlation as to why this is RV related. Some people just don't get it. This investment is not for black and white thinkers.

Peace

Put your horses in the right stalls Boys, or the rider is gonna start whuppin.

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coldwarvet Newbie

coldwarvet

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Great insights, tj and Heavy! If this forum teaches you anything, it is to discerningly read between the lines. Sorry to disappoint the literal thinkers among us, but the day will NEVER come that someone will post a link from official sources stating unequivocally that "The RV is here!" Look at it as a high stakes version of the old board game Clue (i.e., "Mr. Mustard did it in the den with the candlestick."). The fun part of this is learning to read between those lines. JMO. GO RV!

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ToothyGrins4U Newbie

ToothyGrins4U

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I have to admit that each day closer to June 30 gets longer and l o n g e r... I have posted some opinons in the past about this month quite possibly having a lot of importance. I have taken to trying to see the forest through trees lately, and it seems the forest is getting larger every day. We know the GOI has been going back and forth quite a bit and suddenly the Kurds as of recent have also become more vocal. Doesn't mean much by itself but suddenly Wells Fargo buys a Foreign Currency Exchange Corporation...yet they would not have anything to do with Dinar? What gives? Then we have the other banks, first Chase stopped selling, then 5/3...even Capital One. So they suddenly realized people weren't traveling to Iraq and needed local currency? Then we have our government with all sides screaming budget and debt ceiling as the second quarter approaches...oddly enough, I do not sense any real panic for a great nation that could be ruined at the pace things are headed, very odd. Something else that is odd, no US media has touched on the Iraq economy, no stories, no speculation nothing...our propaganda, sensationalism driven media...not even a peep on 60 minutes. This bugs me, it doesn't sit well with me unless maybe, just maybe there is a reason or even some type of gag order in place... Okay, what does the media know anyway? The banks probably too busy issuing SBA's to boost the economy since we did bail them out...NOT! *I work in Commercial Debt Recovery and the small to moderate sized companies are getting pummeled, no funding and the banks are tighter than a Bulls Ass in Fly Season because the only companies getting a line of credit are those that don't need it. Iraq politics are ridiculous, why even follow that chaos...or are they? Perhaps they are smarter than we give them credit for and in light of the impending change in Iraq, they are actually struggling to get control of an incredibly rich country... Now greed and a struggle for power, too obvious, it can't be that... so what else? Oh yes, how could I forget!? The sanctions are going to lifted after decades of be "grounded", Iraq will be essentially free to enter the world trade market and flex it's muscle at the rest of the world! The way I see it, it is almost poetic that this would happen in Babylon. A place where there was suddenly mass confusion as a result of greed, pride and lack of faith... It is truly scary as I watch the news and it seems the world is changing in front of my eyes, super storms, war, pestilence, famine and more... I suspect there is a bigger event afoot, yes I think it will RV and I cannot help but wonder if it will be followed by seven years of peace or the forming of a global government... When I step back to see the forest throught the trees, it gives me chills because something in my soul in uneasy. Yes, I want the RV but I am being careful to insure that I do not lose sight of what's important. My Faith. My Family. My peace of mind. May your God bless you and let's hope the next page in history gets written at the end of the month, just keep your head and heart in the right place no matter what. GO RVVVVV

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jg1 Mentor

jg1

Posted
Posted (edited)

I noticed the bank of America here in Anaheim , ca has increased in size dramatically also, must have something to do with this. I thought, hmmmm thats odd. Why all the extra teller windows going in. You know, naa I thought.

Edited by jgreenlaw1
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gregp Mentor

gregp

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makes you think.The economy is on a downturn again.American middle class disapeering at an alarming rate and yet they foresee the need for 1000 personal bankers for future wealthy clients..? good find !!!!!! RV on the way B)

I totally agree. Great find!

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