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Ebrima Santos Sanneh covers the Treasury, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency for American Banker. He is a native of Providence, R.I. and a 2020 graduate of UCLA. Before joining American Banker he worked as a staffer for Sen. Jack Reed, D-R.I.

Blair Jeffery is the Chief Operating Officer for Noventis, Inc.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

Succession planning is thwarted by most bankers' high-handed attitude that they own the client relationship. Realities on the ground are more nuanced.

The bank implemented the program to compensate advisers as they transition their books to other advisers, while ensuring that their clients are left in good hands.

Advisers at a bank may have to shift to another channel for a few years before retirement, says contributor Rick Rummage.

When advisers quit, banks lose revenue even when they hire replacements. The present value of that lost revenue averaged $2 million, according to a study by Kehrer Bielan.

Jay Clayton represented the bank in connection with the $10 billion bailout it received in 2008 as part of the government’s $700 billion rescue of banks during the financial crisis.