Financial Business Report: Merrill Lynch Covets Morgan Stanley Brokers, MSCI Shares Collapse
Merrill Lynch is compiling lists of prominent Morgan Stanley (NYSE:MS) wealth management brokers which the Bank of America Corporation (NYSE:BAC) division thinks might be coaxed away with signing-on bonuses of a minimum of $1.5 million plus deferred compensation according to the Wall Street Journal. For its part, Morgan says that the brokers it has poached from Merrill Lynch have posted $38 million more in revenue in 2012 than those who have made the opposite transition.
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Shares of MSCI Inc. (NYSE:MSCI) collapse following news that Vanguard deciding to swap out of the use of the firm’s indices as benchmarks for 22 of its ETFs. MSCI’s Index Business chief commented that, “We are disappointed”.