Sticking to its recent decision to build internally rather than through costly acquisitions, Bank of America Corp. said it is embarking on a drive to hire retail brokers.

On Monday the Charlotte, N.C., company’s Banc of America Investment Services said it plans to beef up its 600-strong brokerage ranks by hiring 200 licensed brokers and training an additional 1,000 employees to sell investment products like mutual funds and certain annuities.

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