Bank of America (BofA) will hire as many as 2,000 more employees to its global wealth management division during the next year, says a media report.
"Bank of America wants to return Merrill Lynch's 'thundering herd' of retail brokers to full strength by adding as many as 2,000 people to its global wealth management division during the next year," attributing to people close to the situation, the Financial Times reported.
BofA, which acquired Merrill Lynch in 2008, would hire rookie brokers rather than launching a costly price war for getting senior people from rival firms, the British daily said.
The decision to boost the ranks with younger, less experienced recruits underlines BofA's desire to keep pay expenses in check, it added.
According to the publication, most additions would be made in the US, with much smaller numbers added in Europe and Asia.
The bank had about 15,000 employees by June.
