Morgan Stanley and Bank of America, owners of the worlds largest brokerages, say the days of paying big bonuses to lure each others brokers and keep their own in place may be ending.
James Gorman, Morgan Stanleys chief executive officer, said last week on a conference call that compensation costs may fall as financial advisers switch firms less frequently. Bank of America wont offer new retention bonuses to Merrill Lynchs top performers after payments tied to the takeover of the brokerage expire in about two years, John Thiel, the units chief, said in an Oct. 14 interview.
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