Merrill Lynch brokers must refer 2 customers or face pay cut
December 07, 2016 at 17:17 PM EST
Merrill Lynch will require its brokers to make at least two client referrals to other parts of parent Bank of America Corp. next year to avoid a cut in pay, a move that comes as Wall Street brokerages try to drum up new business while avoiding the type of aggressive cross-selling tactics that shook Wells Fargo & Co.