Here we go again. Three of four of the major wirehouses have sworn off sky-high recruiting deals.
Yet this isn’t the first attempt firms have made to put an end to costly poaching.
Back in the 1990s, Smith Barney boss and arm-twister-in-chief Sandy Weill tried to get his competitors to forsake the Wall Street custom of paying up big for top financial advisers. But even the famed tough negotiator Weill couldn’t keep his competitors in line. Within six months, it was every man for himself in the recruiting wars.