Morgan Stanley duo managing $252 million moves to Raymond James

For several years, Leech allegedly favored some clients in trade allocations, at the cost of others, amounting to $600 million, according to the Department of Justice.

The firm is making headway in the Florida wealth market with four wirehouse advisors who collectively oversaw nearly $2 billion at their former firms.

“If you're not engaging the estate planning conversation, and the client is talking to somebody who is, those assets are at risk,” Vanilla's CEO said.

“This is not an enormous surprise. The equity of the firm was materially undervalued by the public market,” one banker said.

More than a year after welcoming industry veteran Andy Sieg, the Wall Street giant is under more pressure than ever to resolve organizational dysfunctions and deliver on promised growth.