Morgan Stanley and Bank of America Corp., 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.
James Gorman, Morgan Stanley’s 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 won’t offer new retention bonuses to Merrill Lynch’s top performers after payments tied to the takeover of the brokerage expire in about two years, John Thiel, the unit’s chief, said in an Oct. 14 interview.
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