Why Smith Barney is now the most target-rich environment for recruiters of breakaways
The biggest wirehouse's changes in branches, compliance and culture have opened the vault door
Maria Marsala
When a company tries to integrate two different cultures, a small portion of the employees, usually those with high values of “security” will stay. However, many will get ancy and look to leave, and still others will actually leave.
Yes, it’s a change of culture for one side, but also changes in operations procedures, rules, people to contact, and possibly work space, too. It’s also about a loss – the loss of connections that were laid off. This isn’t something new of course. I first experienced it in the late 1970’s when a small institutional firm, Reynolds Securities, was purchased by gigantic retail shop, Dean Witter. Many of the Reynold employees, who did move over, jumped ship.
And I’m sure the problem existed in merged, purchased or defalting companies long before the 70’s, too.
