Wal-Mart Stores Inc., Bentonville, Ark., rehired Bank of America Merrill Lynch as bundled provider for its 401(k) plan, confirmed spokesman Randy Hargrove.
Wal-Mart initiated a competitive bid process several months ago as a “good business practice to see what's in the marketplace,” Mr. Hargrove said in a telephone interview. He said the company is not releasing the names of other finalists.
BofA Merrill Lynch has served as the $18 billion plan's provider for the last 16 years.