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The Wall Street behemoth
reported earnings of $9.2 billion in the second quarter, up from $3.5 billion a year earlier. The huge increase was due in part to the bankâs release of more than $2 billion it stashed away in anticipation of covering soured loans from the COVID-19 pandemic. Still, total revenue disappointed analysts, falling to $21.5 billion, down 4% from $22.3 billion a year ago. Low interest rates dented interest income, and trading revenues fell.
The wealth management front was a different story. The nationâs No. 2 bank by assets showed strong growth in revenues, with record-level fees for assets under management (AUM) and client balances from April through June.
What You Need to Know
The wealth unit ended the first quarter with 19,808 advisors, down 585 from a year ago and a drop of 295 from the prior quarter.
Four of five veteran advisors who left Merrill to join rival firms over the past year had been recruited from other firms.
Merrill has been restructuring its advisor training program and is planning an announcement soon about its future operations
Bank of America’s wealth unit, which includes Merrill Lynch, ended the first quarter with 19,808 advisors, down 585 or 3% from a year ago and a drop of 295 or 1.5% from the prior quarter’s 20,103. This includes advisors across its Merrill Lynch Wealth Management, Bank of America Private Bank and Consumer Investments businesses.
Welcome to The CapTable: Deconstructing India’s new economy
Our articles will give you the inside view of the strategy shifts at these companies, of how founder-investor dynamics are shaping up, and how policy shifts are impacting the biggest tech companies operating in India.
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We are excited to announce the launch of The CapTable, an independent subscription platform focused on delivering actionable news and sharp analysis on India’s new economy.
While bearing some of the same DNA as YourStory, The CapTable will be an optimistic critic of the developments in India’s startup ecosystem. Focused on digging deep to bring you the closest version of the truth.