NEW YORK – Bank of America Corp. plans to hire 300 financial advisers by year-end to help expand its Merrill Edge investing business.
The lender will also open an additional 600 investment centers in new and existing branches in cities including Cincinnati, Cleveland, Minneapolis and Philadelphia, Bank of America said Thursday in a statement. With the additions, Merrill Edge expects to have 2,800 offices and roughly 4,000 financial advisers.
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“This really points to how important Merrill Edge plays as part of the overall Bank of America consumer business,” Aron Levine, who leads Merrill Edge, said in a telephone interview. “This expansion really is part of Bank of America’s expansion.”
Bank of America announced last month that it plans to open 500 branches across the U.S. during the next four years, including an expansion of its retail business into Ohio. Since it was introduced eight years ago, Merrill Edge has attracted more than 2.4 million accounts and $184.5 billion in assets, the bank said.
“This is just another step in that whole process of remaking our financial centers,” Dean Athanasia, co-head of consumer and small business at Bank of America, said in a telephone interview. “We’re building out these financial centers to do more and more for clients and that’s how we call them a client destination.”
Bank of America has also launched a virtual financial assistant called Erica, which the bank is piloting in Rhode Island, according to the Charlotte Business Journal.
Jenny Surane is a reporter for Bloomberg News.
