Merrill Lynch has ceased reporting advisor headcount in its earnings reports, a move purportedly reflecting an industry-wide trend, according to a Bank of America spokesperson.

According to FinancialPlanning.com, Bank of America reported employing 19,243 advisors as of April 2023, with a net gain of 175 advisors in the preceding year, as per its Q4 earnings report. Despite the cessation of reporting advisor headcount, the spokesperson noted that advisor attrition has remained below historical averages over the past two quarters.

As previously anticipated, the overall headcount across Bank of America has decreased. Bank of America's CEO, Brian Moynihan, noted that the company's headcount at the end of Q1 2024 decreased by more than 4,700 individuals compared to Q1 2023, with a decline of 650 people from the end of 2023.

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