Some 1,600 firms have signed up to the "Protocol for Broker Recruiting" - a set of rules designed to facilitate the recruiting of brokers in a manner that avoids legal action. In the last couple of months both UBS and Morgan Stanley have left. The inference of this? Both firms are more interested in retaining existing talent that hiring new people in. Interesting times for recruiters on Wall St.
Will more firms leave the protocol? “If you think you will be a net hirer and not a [net] loser, you would stay in [it],” Sarch said.