Wednesday, January 28, 2009

All Business Trips Cancelled for Merrill Brokers

We wrote about what we think the implications for the private jetting industry would be after Falcon-gate, but did not expect this. The Post reports that Bank of Countrywide Lynch has banned all broker trips after an internal unit-wide television broadcast by Dan Sontag, the new head of Merrill's brokerage unit. The ban is expected to last through 2009. While star brokers didn't shed too many tears after all rookie brokers (who make 1/2 to 2/3 of what Thain's carpet cost) were recently let go, the news that all trips will have to commence at Port Authority is the final straw and will likely cause all brokers to depart for the greener pastures of... um... maybe they will just stay put. Sphere: Related Content
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Anonymous said...

Does this include leaving the firm to work somewhere else? I would say that's the ultimate business trip.