“Morgan Stanley and Bank of America Corp. (BAC), owners of the world’s largest brokerages, say the days of paying big bonuses to lure each other’s brokers and keep their own in place may be ending.
A slowdown in recruiting may boost brokerage profits, which have long been limited by competition for top advisers.
This might be the time that the problem gets tackled,” said Pirker, whose Boston-based firm specializes in the financial services industry. “The goal has to be to move away from this or at least reduce it to a more reasonable level.”
The bonuses given to brokers during the turmoil of the financial crisis amounted to a “tax on the industry,” Gorman said.
http://www.bloomberg.com/news/print/2013-10-24/morgan-stanley-joins-bofa-in-broker-recruiting-truce.html
