Investment banks pay to keep staff

Economic times call for investment in workers
||Last Updated: 09/04/2003

In today’s uncertain economy, investment banks are experimenting with new ways to prevent employees from going to competitors. They’ve found that money can be very persuasive.

In Canada, Merrill Lynch is planning to sell its retail operations. In order to convince its brokers to stay on board until then, it has implemented a retention bonus scheme. Initially, bonuses were only offered to the company’s top producers – those who generated commissions of at least $400,000/year.

The National Post