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Merrill sacrifices productivity for head count growth

Brian Moynihan

Bank of America CEO Brian Moynihan warned that adviser productivity and profit margins at Merrill may continue to fall as the firm sacrifices short-term profitability for long-term growth.

Bank of America's chief executive Brian Moynihan warned Wednesday that adviser productivity and profit margins at Merrill Lynch may continue to fall in coming quarters as the firm sacrifices short-term profitability for long-term growth.
At Merrill Lynch, which has the second-most productive advise

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