Morgan Stanley (MS), Wells Fargo & Co (WFC): Bank of America Corp (BAC) Closes an Ugly Chapter in the Merrill Lynch Story

A positive move forward for Bank of America
The settlement should go a long way toward fully integrating Merrill Lynch into the Bank of America Corp (NYSE:BAC) family, and it will help smooth the sometimes bumpy relationship the big bank has had with its Merrill advisors. Many brokers have never felt fully at home  since the Bank of America takeover, but I believe Bank of America Corp (NYSE:BAC) wants that to change.

Putting this distasteful episode in the past will also clear the way for Merrill to hire new, talented brokers of African-American descent who have shied away from the firm because of its discriminatory practices.

Bank of America Corp (NYSE:BAC) itself has made great strides in diversifying its work force, for which it was recently recognized by Diversity MBA Magazine. As for McReynolds, he hopes to take a seat on the new committee Merrill pledges to create in order to foster a more welcoming and equitable working environment for African-Americans.

The article Bank of America Closes an Ugly Chapter in the Merrill Lynch Story originally appeared on Fool.com and is written by Amanda Alix.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo.

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