NEW YORK (TheStreet) -- JPMorgan Chase (JPM) doesn't want anymore of its people or profits going to Morgan Stanley (MS), Citigroup's (C) global head of retail banking is about to get more responsibility and Goldman Sachs (GS) upgraded Greenhill and Co.'s (GHL) rating to buy on Thursday.
In a fight reminiscent of the feud between the twin sisters who wrote the Ann Landers and Dear Abby advice columns, JPMorgan is taking legal action to keep Morgan Stanley from poaching its talent and clients.
The New York bank filed lawsuits against six former executives who left for Morgan Stanley in February, seeking to stop them from taking clients with them, Bloomberg reports.
The two banks, once one and the same, were forced to split following the adoption of the Glass-Steagall Act in 1933, which forced the separation of investment and commercial banking operations. The repeal of Glass-Steagall in 1999 allowed investment banking and commercial banking to exist under one roof again. But by then the banks had diverged significantly.
Shares of JPMorgan closed down 0.5% at $68.67 while Morgan Stanley dropped 1.2% to $39.22.
Citigroup is combining its retail banking and mortgage operations and Jonathan Larsen, current global head of retail banking, will lead the division, Bloomberg reports. The change will take place immediately, according to a memo Thursday from Stephen Bird, CEO of the global consumer bank.