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BofA CEO blocks broker pay cut

CEO Brian Moynihan blocked plans to cut most brokers' pay next year, Bloomberg reported. Bank of America wanted to cushion costs of new bonuses for Merrill Lynch financial advisers who steer clients toward more of the bank's services. The 2% cut to the so-called grid payout would have affected advisers generating less than $1 mil in commissions. But Moynihan overruled Merrill Lynch head John Thiel because of recruiting and retention concerns, Bloomberg said. Shares fell 2% to 11.29.