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Pay on Wall Street takes a dive
New York City job losses in the Great Recession were far fewer than economists' dire predictions, and Wall Street profits last year soared to record levels on the back of near-zero interest rates and federal bailouts.
Merrill Lynch: Culture change or just the latest innovation?
For all of my 26 years as a headhunter, Merrill Lynch has been the most stable wealth management…
Wirehouses warm to fiduciary reps in effort to win 401(k) business
As competition intensifies to capture the 401(k) and other retirement plan business of small and midsize companies, wirehouses increasingly are allowing representatives who specialize in the niche to act as fiduciaries.
The wall around the wirehouses
In one of my recent OpINion Online columns, I compared wirehouse management to communist regimes before the fall of the Berlin Wall
Barclays snags $750M team from Morgan Stanley
Barclays Wealth has hired Don Milich and Clifford Wang as investment representatives, based in Atlanta, as part of its effort to continue growing its wealth management operations in the U.S.
Broker’s alleged theft of cemetery trust funds costs Citi $1.5M
The Financial Industry Regulatory Authority Inc. announced today that it has hit Citigroup Global Markets Inc. with a monetary sanction for supervisory violations relating to its handling of trust funds belonging to cemeteries in two states.
Top wirehouse brokers snub indie broker-dealers
Despite all the hoopla about breakaway brokers, most of the wirehouse representatives going to independent broker-dealers are relatively low producers who fit the B-Ds' packaged-product and fee-based model.
Broker recruiting gets ‘rational’
Big brokerage firms appear to have taken a break from their costly musical-chairs game of broker recruitment, according to executives and headhunters.
Morgan Stanley quant manager cleans house at poker night
Peter Muller, who founded and leads Morgan Stanley's quantitative investment unit, bested 104 players last week to win the annual Wall Street Poker Night.
<b>Advisers on the Move:</b> UBS team bolts for Credit Suisse
Richard Ziegelasch and Wendy Holmes, who managed $258 million in client assets, are on the move to Credit Suisse
Blog: Institutional arrogance at MSSB?
Firms will never admit that they lost somebody good or admit that they hired somebody bad.
Finra bars ex-Deutsche Bank broker for manipulating stock price
Edward Brokaw, a former Deutsche Bank AG broker, was barred from the securities industry for manipulating the price of Monogram Biosciences stock in an effort to enrich a hedge-fund client, himself and his family, the Financial Industry Regulatory Authority said today.
<b>Advisers on the Move:</b> UBS snags $380M Morgan Stanley duo
Douglas Johnson and Daniel Legan jumped to UBS and joined the firm's Indian Wells, California office.
Wall Street bigs asked to sign off on fiduciary duty
The Committee for the Fiduciary Standard takes a different tack in its bid to eliminate the broker-dealer exclusion
Krawcheck snags ex-Smith Barney top exec
Bank of America Corp. announced today that Kunal Kamlani has been named head of global investment solutions, reporting to his former colleague at Citigroup, Sallie Krawcheck, president of global wealth and investment management.
Stifel CEO: Breakaway reps, often low producers, can be very profitable
Regional brokerage firms and some independent investment advisers have been making hay hiring hundreds of discontented wirehouse brokers.
Big shake-up at big brokerage branches in New York
Wells Fargo Advisors, UBS, MSSB and Merrill Lynch made personnel changes this week
Citigroup wins dismissal of ‘baseless’ suit over brokers’ signing bonuses
Citigroup Inc. won dismissal of a lawsuit by six former brokers who said they shouldn't have to pay back the balance on their signing-bonus loans totaling $1.51 million.
Stifel CEO: Breakaway brokers are weaker producers, but more profitable
Regional brokerage firms and some independent investment advisers have been making hay hiring hundreds of discontented wirehouse brokers.
Ex-district director at Morgan Stanley returns to Deutsche Bank
Fred C.C. “Corky” Crozier, the former head of private client services at Deutsche Bank's U.S. brokerage unit, has returned to the firm as a managing director and adviser in its Baltimore office.
