Merrill Lynch, Morgan Stanley, UBS and Citigroup’s Smith Barney division are offering Bear Stearns brokers packages with signing bonuses worth two times annual revenue, reports The Wall Street Journal. A person who generates $1 million in annual commissions could receive $1.5 million up front and the rest over three years, according to Mindy Diamond, president of Diamond Consultants. “The brokers aren't going to get hurt,” said Mitch Vigeveno, chief executive officer of Turning Point, an executive-search firm in Safety Harbor, Florida. “They have a book of business they can move. The ones who are going to get hurt are other employees, like people in operations and marketing.”
Firms Poaching Bear Brokers With Signing Bonuses