Citigroup to Exit Broker Pact After Morgan Stanley, UBS Left

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  1. Citigroup to Exit Broker Pact After Morgan Stanley, UBS Left  Bloomberg
  2. Citigroup is latest big firm to dump broker protocol  InvestmentNews
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Citigroup Inc. is withdrawing from an industry pact designed to allow financial advisers to change companies without being sued by former employers, further unraveling the accord after Morgan Stanley and UBS Group AG said they would pull out. "Similar to others in the industry, Citi has decided to exit the .Citigroup Inc. is withdrawing from an industry pact designed to allow financial advisers to change companies without being sued by former employers, further unraveling the accord after Morgan Stanley and UBS Group AG said they would pull out..Morgan Stanley s decision in October to defect from the Protocol for Broker Recruiting fueled concerns in the industry that others would depart. UBS signaled its plan to do so soon after. The agreement, signed in , was designed to mitigate lawsuits when advisers left to join a competitor. Almost , .Morgan Stanley and UBS Group AG s Wealth Management Americas discontinued the agreement, called the "broker protocol," earlier this year. "Similar to others in the industry, Citi has decided to exit the protocol" starting on Jan. , said Citi spokesman Drew Benson. Benson said the decision was reached .







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