Even as Bank of America braces for mass layoffs, its Merrill Lynch brokerage is still out for new producers as it hires Morgan Stanley Smith Barney financial advisor Antonio Da Roza to its San Francisco office.
Da Roza previously managed $600 million in assets and had $1.81 million in annual fees and commissions.
Da Roza has been registered with Merrill Lynch since Sept. 16, according to his public registration records with the Financial Industry Regulatory Authority. Da Roza had served at the firm that is now Morgan Stanley Smith Barney for 22 years, including its predecessor firms starting with Shearson in 1989 and subsequently Citigroup.
Bank of America Merrill Lynch’s latest hire comes as industry observers, including recruiters, have speculated that the firm’s advisors could be more apt to leave for competing firms in the coming months as the firm works to regain its footing.
But Bank of America’s Merrill Lynch brokerage continues to seek new advisor talent. In August, Merrill Lynch hired Wells Fargo advisor Adam Gurien in Bedminster, N.J.