Only a few months after withdrawing from the Protocol, UBS Financial Services is requiring brokers waiting for their 2017 bonuses to sign agreements that open them to lawsuits and arbitration complaints if they try to contact former clients within 12 months of leaving the U.S. broker-dealer unit of the Swiss bank. […]
Tag: Broker Transition
Goldman Sachs Sues Two Ex-Executives Over Client Poaching – Bloomberg
Goldman Sachs Group Inc. sued two former vice presidents in the bank’s private wealth management unit in Chicago, claiming they poached clients for their own new investment advisory business. The two men, Jeffrey Friedstein and Joseph Page, gave notice on Friday they were quitting, Goldman Sachs said in a complaint […]
Merrill, Brokers and Retention Bonuses
Bank of America’s Lousy Retention Bonus Gets Worse By Mark J. Astarita, Esq. In a blog post I commented on the odd retention bonus program being offered by Bank of America to Merrill Lynch brokers. Odd because it was a small amount of money, it was structured badly, and because […]
