Registered Rep.’s May cover story on the battle between brokers and their firms about overtime pay seems to be having a ripple effect. Last week, The Boston Globe reported that Smith Barney was facing an overtime suit filed by a Milton, Mass., advisor who claims he routinely worked 70 to 80 hours per week without overtime pay.
Naturally, it didn’t take long for the blogosphere to get in on the action. (The idea of stockbrokers, viewed by retail investors as pretty swanky people, seeking overtime pay, well, does mystify some non-industry observers.) On Monday, www.underthecounter.net took a shot at the Smith Barney broker filing suit, calling him a “crappy broker.” After all, The Globe story said the Smith Barney rep’s annual earnings averaged between $50,000 and $70,000.
And another Wall Street gossip blog, Dealbreaker, has some fun with our cover story.