Morgan Stanley and Citigroup will pay brokers $3 billion
Morgan Stanley and Citigroup, which are attempting to set up the biggest US brokerage firm, are planning to pay brokers nearly $3 billion to prevent them from being poached away from the joint venture, sources said, according to The Wall Street Journal.
Citigroup Inc sued Morgan Stanley on Friday for breach of contract, saying the Wall Street firm owed it $245.4 million for protection it bought on a loan.