Bank of America Corp (NYSE:BAC) President and CEO Brian Moynihan turned down Merrill Lynch head John Thiel’s proposal to drastically lower broker compensation because “timing wasn’t right” as he is looking to “poach brokers from Morgan Stanley (NYSE:MS)”, according to a breaking report from FOX Business Network (FBN) Senior Correspondent Charlie Gasparino.
On whether Bank of America Corp (NYSE:BAC)’s CEO Moynihan is looking to poach Morgan Stanley Brokers:
“It’s an interesting story that Brian Moynihan came in and nixed the proposal from John Thiel to drastically lower broker compensation. Why did he do that? Well, in his words according to people with direct knowledge of the situation, is that he wants to continue to poach brokers from Morgan Stanley (NYSE:MS).”