|Day's Range||20.5100 - 20.8200|
|52 Week Range||16.6500 - 21.3500|
|PE Ratio (TTM)||N/A|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Morgan Stanley will curtail its recruiting of veteran brokers, becoming the latest wirehouse to rethink the practice of paying top dollar to poach talent. In a memo to brokerage managers on Tuesday, wealth-management heads Shelley O’Connor and Andy Saperstein said the firm would “significantly reduce experienced adviser recruiting” in an effort to tamp down costs, while spending more on supporting existing brokers and investments in new technology. Merrill Lynch earlier this month told some executives that it would pause all recruiting after June 1 as it developed a new incentive package aimed at courting the industry’s most valuable free agents.
Morgan Stanley will curtail its recruiting of veteran brokers, joining other big firms on Wall Street that are no longer willing to gorge on the pricey practice of paying top-dollar to poach talent.
Morgan Stanley, the biggest U.S. brokerage by head count, told brokers Tuesday that it is standing down from the expensive recruitment wars, following similar steps taken earlier this month by competitor Bank of America (BAC.N) Merrill Lynch. Morgan Stanley, which has more than 15,000 brokers, will "significantly reduce experienced adviser recruiting," according to a staff memo from Morgan Stanley co-heads Shelley O'Connor and Andy Saperstein that was viewed by Reuters. Merrill Lynch announced that, starting in June, it will no longer offer new prospects or recruits big upfront bonus checks to join its firm, a common and costly industry practice.