Morgan Stanley offers broker bonuses until end of 2010

18 October 2010

Morgan Stanley is to extend its bonus programme for new advisors until the end of the year.

During August brokers who joined the firm and transferred half of their client-base from their old position were promised a 20 per cent bonus as an incentive, Reuters reported.

Initially, the offer was only supposed to run until the end of September but the investment bank’s brokerage unit has extended the incentive for any new broker who can make the transfer before the end of the year.

An unnamed recruiter told the news provider that despite the extension of the bonus package, it is not likely to increase the number of broker applications at the firm.

“All the deals are at such a high level right now that tweaking it a little bit is not going to be a big motivator for advisers,” they explained to Reuters.

Meanwhile, the Wall Street Journal reported that Morgan Stanley has made a permanent appointment to the top role at its private banking arm.

Shelley Hannan, who temporarily took on the chief executive's job, will now assume permanent responsibiliy for the post.

By Jim Ottewill

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