Bank of America (NYSE:BAC) Adds Tougher Leave Policy

In a move to hold on to more of its financial advisers serving their more wealthy clients, Bank of America (NYSE:BAC) has toughened up their "garden leave" policy, said recruiters in the industry.

What's unusual about this move is that it takes in financial advisers. Past practice at financial companies concerning garden leave is apply it to executives at the company.

The new leave policy for specific advisers, portfolio managers and other employees, includes a period of 180 days where clients cannot be solicited, and after giving their notice, they must remain at the company for a period of 60 days.

The impetus behind this seems to be when U.S. Trust's Michael Brown recently left the company. He had managed approximately $6 billion in assets for them. Bank of America acquired U.S. Trust from Charles Schwab (NYSE:SCHW) in 2006.

Changes in the policy don't affect brokers at Merrill Lynch, but only those at U.S. Trust.

Bank of America was trading at $14.76, down $0.06, or 0.37 percent, as of 12:29 PM EST.