In a raid that stands out even in Wall Street's aggressive
recruiting culture, Merrill Lynch is arming some managers with lists of top
Morgan Stanley Wealth Management brokers who are considered ripe for defection, people familiar with the firm's recruiting told the WSJ.
The so-called "mapping" of Morgan Stanley brokers
shows the Bank of America Corp. unit is pushing to capitalize on technological
and reputational blows at Morgan Stanley, according to these people. Morgan
Stanley is coming off a tumultuous computer system conversion and Facebook’s
botched initial public offering, which has left investors nursing billions of
dollars in losses.
Merrill Lynch has enlisted some of its 11 market
executives—regional managers who report to brokerage head John Thiel—to call
top-grossing Morgan Stanley brokers.
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