NEW YORK — Bank of America Corp. global wealth and investment management president Sallie Krawcheck said Monday Bank of America will spend $20 million on marketing to relaunch the Merrill Lynch brand in the fourth quarter.
Krawcheck, speaking to members of the press at a media briefing at Bank of America's Bryant Park Tower in New York, said the amount is more than Merrill Lynch ever spent on its own.
Krawcheck said Merrill Lynch's current financial adviser headcount is 14,994 brokers. She said the firm has recruited 181 advisers over the past five weeks.
Krawcheck stressed the importance of maintaining Merrill's culture and said "the bull is back," referring to the symbol that has traditionally represented the firm.
"We recognize that the bull is a sense of pride for the financial advisers, and this is just as much about motivating them as it is the consumers," said Karen Kaplan, president of Hill Holiday, which is partnering with Bank of America on the marketing campaign.
Krawcheck also declined to comment on a question about the possibility of her succeeding Ken Lewis as chief executive of Bank of America. Lewis said last week he would step down at the end of the year.
Krawcheck said "I'm very focused on this business and all of the opportunities and capabilities and we have."