Morgan Stanley said it would abandon a set of recruiting rules that brokerage firms agreed to more than a decade ago, the latest salvo against longtime Wall Street hiring practices as firms pull back on expensive poaching. Firms like Morgan Stanley and Merrill Lynch signed on to the rules—known as the Protocol for Broker Recruiting—in 2004 in an effort to limit the number of lawsuits and arbitration claims filed over broker moves by outlining an orderly system for job changes. The protocol limits brokers to taking names,...

Source: Wall Street Journal October 30, 2017 16:07 UTC