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Bank of America is merging its premier banking into Merrill Lynch Global Wealth Management, and as a result, several hundred people will lose their jobs.

BoA said that it hoped the merger will better position it to serve mass-affluent investors with $100,000 to $3 million. In the change, BoA client managers will no longer handle client relationships but, instead, cooperate with Merrill financial advisers to recommend banking products.

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