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Morgan Stanley, BoA Call for Recruiting Truce

Friday, Nov 01 2013
News Roundup
Written by  PFA News

Morgan Stanley and Bank of America appear to be easing off on using big bonuses to recruit brokers from each other and to retain existing talent. So reports Bloomberg.

James Gorman, chief executive officer at Morgan recently said he expects compensation costs to decline as advisors switch firms less frequently while the head of Bank of America’s brokerage unit recently said the organization won’t offer retention bonuses after agreements intended to keep advisors in the aftermath of the Merrill Lynch acquisition expire.

Read the full article from Bloomberg.

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