Is Merrill Lynch coming apart at the seams? Morgan Stanley yesterday said it is poaching brokers Merrill as it expands its brokerage business. The story is a blow to Merrill Lynch chief executive John Thain, who recently described the brokerage business as one of Merrill's strongest hopes for future growth.
Morgan's brokerage has been run by James Gorman, Merrill's former brokerage chief, since 2006. It seems that he's exploiting recent troubles at Merrill stemming from credit market losses to lure away his former colleagues. Merrill's suffering stock price has inflicted pain on brokers, many of whom hold large amounts of Merrill stock.
Posted by guest , Jul 25, 2008 9:24AM
Brokers leave firms every day for a paycheck. Means nothing.
Posted by guest , Jul 25, 2008 9:27AM
Also heard that MER is poaching talent from J. T. Marlin.
Posted by guest , Jul 25, 2008 9:41AM
Bess - As scintillating as this story may be, please have Carney go back to re-arranging his sock drawer and only post when there's something noteworthy.
Posted by guest , Jul 25, 2008 9:47AM
I heard that Lehman is poaching talent from Burger King
Posted by guest , Jul 25, 2008 9:50AM
not news
Posted by guest , Jul 25, 2008 9:50AM
They are also poaching from Citi, Lehman, UBS, and JPM -Bear... this isn't huge news
Posted by guest , Jul 25, 2008 9:50AM
They are also poaching from Citi, Lehman, UBS, and JPM -Bear... this isn't huge news
Posted by guest , Jul 25, 2008 9:55AM
They're also poaching my eggs.
Posted by guest , Jul 25, 2008 9:57AM
Mack is also investing in an rhino poaching operation in Kenya. Been a bad year for IB and he needs the horns to get his mojo back.
Posted by guest , Jul 25, 2008 10:04AM
you mean he needs the horns to get his mayo back. mayo mayo mayo.
Posted by guest , Jul 25, 2008 10:05AM
poached not fertilized
Posted by guest , Jul 25, 2008 10:05AM
@8 - that's the best play on words ever.
Posted by guest , Jul 25, 2008 10:08AM
I heard that Burger King is poaching talent from Lehman
Posted by guest , Jul 25, 2008 10:11AM
#2 - brilliant
Posted by guest , Jul 25, 2008 10:13AM
Agreed, this isn't news. Financial Advisors leave firms all the time because of guaranteed sign-ons/bonuses (which are pretty substantial).
Posted by guest , Jul 25, 2008 10:14AM
Hearing there is a broker job fair at D'Jais this weekend.
Posted by guest , Jul 25, 2008 10:18AM
JT Marlin has access to the discount window.
Dimon, Geithner and Vin Diesal in talks.
-retail
Posted by guest , Jul 25, 2008 10:20AM
D'Jais? Staten Islanders can count?
~LexSteelz
Posted by guest , Jul 25, 2008 10:24AM
Hearing Morgan Stanley is poaching their own brokers.
Posted by guest , Jul 25, 2008 10:43AM
posters here are amusing
Posted by guest , Jul 25, 2008 11:09AM
I heard Ben Affleck is poaching Jennifer Garner's cooter
Posted by guest , Jul 25, 2008 11:39AM
Garner is a beard. Ben has a perpetual bid for Matt Damon.