circular files

Concern had spread among some of Merrill Lynch’s 15,500 advisers that they would face curbs like those imposed by the bank’s U.S. Trust unit, said the people. The policy bans associates who leave from soliciting the firm’s clients for eight months, starting with a two-month garden leave. The term refers to workers who are ordered to stay home after they give notice, leaving them little to do other than gardening. “Contrary to press and recruiter speculation, there are no changes coming from Merrill Lynch Financial Advisors on any type of garden leave,” Krawcheck wrote in a Feb. 25 memo, according to the people, who asked not to be identified because the matter isn’t public. “Please put that one in the circular file.” [Bloomberg]