Krawcheck Said to Exempt Merrill Brokers From ‘Garden Leave’
This article is for subscribers only.
Sallie Krawcheck, head of Bank of America Corp.’s wealth management division, told Merrill Lynch financial advisers that a new “garden leave” policy doesn’t apply to them, said two people with knowledge of the matter.
Concern had spread among some of Merrill Lynch’s 15,500 advisers that they would face curbs like those imposed by the bank’s U.S. Trust unit, said the people. The policy bans associates who leave from soliciting the firm’s clients for eight months, starting with a two-month garden leave. The term refers to workers who are ordered to stay home after they give notice, leaving them little to do other than gardening.