The retail brokerage unit of Bank of America announced it will be cutting the salaries of low-producing brokers and raising those of top performers in an effort to chase wealthier clientele, according to the Dow Jones News Service.

 

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.