Big bank brokers use decoys, spy tactics to go alone

April 2, 2015 5:30 AM

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PITTSBURGH(Reuters) - Secret contracts, covert real-estate deals, scurrying around after nightfall to avoid detection: this is how far big-bank brokers are prepared to go when they plan to go independent.

It is a risky enterprise. If the brokerage learns that someone intends to leave, it often dismisses the broker so the bank can try to retain clients.

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