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Broker ranks have been culled for underperformers, and last year, Mack hired James Gorman from Merrill Lynch (nyse: MER - news - people ) to lead the division's overhaul.
FORBES: Discover To Go It Alone
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This week he hired Merrill Lynch veteran James Gorman James Gorman to run the retail brokerage.
FORBES: Mack Refuses To Attack
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All of those problems caused Bayer's pharmaceutical division to post a small loss this quarter, says Merrill Lynch analyst James Knight.
FORBES: Bayer Faces Reality
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There are tens of thousands of brokers working for brokerage firms like Merrill Lynch, Morgan Stanley ( MS), Citigroup ( C) and Raymond James ( RJF), and insurance company salespeople at firms like Met Life ( MET), John Hancock and Prudential ( PRU) that earn their living this way.
FORBES: Little Guy Still Ripe For Broker Abuse