While Goldman Sachs President Gary Cohn talked Thursday about how many people still wanted to work for the firm, a Morgan Stanley executive told an analyst recently that he was somewhat 'worried' about losing talent to smaller investment banks.
The Wall Street Journal's MONEYBEAT column reports that Mark Eichorn, Morgan Stanley’s co-head of investment banking, told Bernstein analyst Brad Hintz, that he was somewhat worried boutique investment banks are hurting his firm 'from a recruiting perspective' than he is about them stealing deals or clients, according to a note from Hintz Wednesday.
The smaller investment banks 'compete for the same talent', Hintz wrote in his note. Eichorn added that and Morgan Stanley 'needs to invest in compensation, since the sacrifices involved in an investment banking career are significant and the way to win new recruits is to provide a medium-term financial payoff'.
Hit the link below to access the complete MONEYBEAT article: