Citigroup to Exit Broker Pact After Morgan Stanley, UBS Left
- Bank will pull out of the agreement effective Jan. 8
- Morgan Stanley, UBS exited broker protocol in recent months
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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 protocol,” company spokesman Drew Benson said in an emailed statement. “This decision allows us to continue to invest in our growing team of award-winning financial advisers.”