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Citi still going after brokers for ‘meritless’ suit over bonuses
After winning dismissal of a class action claim brought by six former Smith Barney brokers last month, Citigroup is vowing to go after the brokers for legal fees.
Ben Stein: Investors’ biggest mistake was trusting Wall St.
Good sense has vanished from many areas of American life including how families manage their money, says economist and television commentator Ben Stein.
Do Firms Sue When They Are Afraid to Compete?
How can an Advisor or a Firm "own" someone else's money?
Recruiting protocol carve out by Merrill Lynch raises questions
Merrill Lynch is carving out some of its private banking units from the broker recruiting protocol.
Blog: ‘Garden leave’ policies are absurd
In the old days (pre 2004), firms would sue each other when an Advisor went from one firm to the other. “We own the book!” they cried (as if any firm or individual could somehow “own” someone else's money).
Merrill Lynch will pay Maine $400K to settle claims over improper securities sales
Maine securities regulators say Merrill Lynch will pay the state $400,000 to resolve claims that the brokerage allowed some of its associates to sell securities without being properly registered.
Clearing the air about wirehouse news coverage
If everybody thinks we're picking on them, it probably means we're serving the people we're supposed to be serving: our readers.
HighTower snatches longtime Morgan Stanley team
HighTower Advisors LLC announced today that it has snapped up another team of advisers, this time from Morgan Stanley Smith Barney LLC.
Wall Street women still knocking on men’s rooms
Bloomberg's Susan Antilla offers her opinion on just how much (or little) progress women have made in the financial services industry over the last two decades
Ex-Morgan Stanley broker to plead guilty in kickback scheme
A former broker for Morgan Stanley and Banc of America Securities LLC will plead guilty today to receiving kickbacks for his role in a stock-loan scheme that operated from March 2004 to December 2005, court records show.
Broker who stole $780K from Merrill Lynch pleads guilty
Former Merrill Lynch & Co. broker Steven Mandala, who was charged with stealing $780,000 from the firm, partly to buy a Ferrari, pleaded guilty to grand larceny and identity theft, his lawyer said.
Tepid trading may spoil Morgan Stanley’s 1Q results
As big investment banks prepare to report first-quarter earnings this month, many analysts are lowering their forecasts in light of weaker-than-expected trading by investors in February and March.
Recruiting tug of war: The internal brokerage battle
Within the individual brokerage firms, there is an ongoing tug of war going on. On one side are Branch Managers who are put under pressure to hire.
Merrill confirms hiring of Morgan Stanley exec
Merrill Lynch Wealth Management confirmed today that Jimmy Tighe, who left Morgan Stanley Smith Barney this week, has joined the firm.
Baird nabs $267M Morgan Stanley Smith Barney team; J.P. Morgan adds 70 advisers
A team of four financial advisers has left Morgan Stanley Smith Barney, where they advised on $267M in client assets, to join the private-wealth-management group at Robert W. Baird & Co., according to a company spokesperson.
Blog: Morgan Stanley <del>Smith Barney</del>
From this outside perspective, with knowledge gained from talking to dozens of folks on the inside of the firm, MSSB is a joint venture in title only: Morgan Stanley is running the show.
How BofA is pitting some advisers against each other
We all know that Merrill Lynch and Bank of America were a shotgun marriage. Bernanke and Paulson were holding the proverbial shotgun to Mr. Lewis and Mr. Thain's heads and, poof, we have a humongous financial institution.
From our blogs: When wirehouses can’t compete, do they just sue?
Morgan Stanley Smith Barney made an attempt to use the legal system as a bludgeon against a team departing to HighTower while Goldman Sachs did the same with a team departing to Credit Suisse.
Wirehouses have hard time building up broker head count
The big wirehouses face major challenges that could thwart their announced plans to recruit brokers aggressively and hire more trainees, recruiters and analysts say.
Reps’ game of musical chairs seen unlikely to miss a beat
Although the number of brokers who change jobs in 2010 won't approach the level seen during the financial crisis, expect this to be a good year for broker recruiting.
