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The Boston Globe

Business

Bank of America CEO blocks broker paycut plan

NEW YORK — Bank of America Corp. chief executive Brian­ Moynihan has blocked a proposal to cut the main component of most brokers’ pay for 2013, said a person with knowledge of the matter.

The plan would have reduced the so-called grid payout for Merrill Lynch financial advisers by two percentage points, the person said, requesting anonymity.

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