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Citigroup follows Morgan Stanley, UBS, quits recruiting pact: bank

From Reuters - December 29, 2017

NEW YORK (Reuters) - Citigroup Inc became the latest firm on Friday to say it would quit a 14-year-old agreement reached among Wall Streets biggest securities brokerages to not sue each other when a broker switches firms.

Morgan Stanley and UBS Group AGs 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. 8, said Citi spokesman Drew Benson.

Benson said the decision was reached because it allows us to continue to invest in our growing team of award-winning financial advisors.

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