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Article: Legg Mason brokers enjoy bidding war for their services.
- Article from:
- The Baltimore Sun (Baltimore, MD)
- Article date:
- July 9, 2005
CopyrightCOPYRIGHT 2005 The Baltimore Sun. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Laura Smitherman
Jul. 9--Top brokers at Legg Mason Inc. are facing a seemingly enviable predicament: Change their business cards to Smith Barney and get cash and stock worth at least $1 million, or take their clients to some other brokerage for as much as twice that amount.
As part of its deal to swap its money management business for Legg Mason's brokerage unit, Citigroup Inc. is offering hefty retention packages to ensure that most of Legg's 1,540 brokers join its Smith Barney brokerage and aren't snapped up by competitors.
At the high end, Legg Mason brokers who brought in more than $2 million in fees and commissions in the last year ...