Wells Fargo Advisors is close to a deal to land long-time Merrill Lynch veteran Tom Isaacs to oversee its New York City branches, according to a source familiar with the talks.
Merrill Lynch, which is a unit of Bank of America Corp. [BAC], confirmed Tuesday that Isaacs left the firm, and that a replacement would be named soon, but declined to disclose any more details
This position at Wells has been vacant since the end of last year when former New York manager Rick Frick left the firm.
Isaacs resigned from Merrill on Friday and is waiting to see if the New York-based company will enforce a “garden leave” clause in its employment contract that can require branch managers to take a 60-day leave when they leave the firm, according to the source. If Merrill does not enforce that clause, Isaacs could begin immediately at Wells.