Two years after Bank of America and Merrill Lynch joined forces, Sallie Krawcheck and Co. are still fiddling with headcount. Since the financial crisis, the team has shrunk by 3,000 to 15,000, and recruitment and retention are now the name of the game.
Financial News reports that Krawcheck wants to add 2,000 advisers to compensate for the defectors. Instead of hiring expensive, established talent, however, she wants to train new, inexperienced advisers. That strategy will certainly cut down on costs.
The U.S. business appears to have stabilized over the past two years, which leaves open the question of international growth. Out of a total $1.55 trillion in assets, non-U.S. businesses comprise just 15%.
As of yet, the company hasn't announced a foreign hiring spree.
Write to Julie Steinberg