Merrill Lynch reportedly is so worried about losing its top talent to a competitor that it has devised what Registered Rep refers to as a “loyalty statement” for employees to sign once the company gets wind that he may be looking to leave. According to Registered Rep, the two-page questionnaire asks about any talks the individual may have had with other companies and requests that the person sign the document to demonstrate his or her commitment to stay. RR says Merrill Lynch has admitted questioning some of their best producers, but says it has been used only “in a handful of cases,” according to spokeswoman Jennifer Grigas in an interview with RR. Labor attorneys told RR that employees should not sign such a document, since by law the company can’t stop people from talking with other companies.
