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Morgan Stanley Broker Bonuses As Much As $3 Billion

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Morgan Stanley's brokerage joint venture with Citigroup Inc will pay brokers as much as $3 billion to stay on, while Wells Fargo & Co will not offer retention payouts to brokers from the former Wachovia Corp.

Retention bonuses are often paid to keep brokers from defecting after a company is bought. Financial companies, however, are facing strong criticism from Congress and regulators to limit pay in the wake of heavy credit-related losses and large taxpayer-funded infusions into the sector.

Read the whole story at CNBC