FINRA Frisks Select B/D RIAsJan 22, 2009,By Christina Mucciolo B/D RIAs have come under fresh scrutiny post Madoff. ... Thain Departs BofA—An $87,000 Rug? Say It Ain't So, John! Client AUMs Fall By 30 Percent In 2008Jan 22, 2009,By John Churchill John Thain, former CEO of Merrill Lynch and the man who engineered the sales of the storied Wall Street firm to Bank of America in September, is leaving the combined firm "immediately," according to a report from CNBC. ... Dropping Client Assets And Jet FleetsJan 21, 2009,By Christina Mucciolo Citigroup, which reported a whopping $8.29 billion fourth-quarter loss on Friday, should take a harder look at its balance sheet. ... Citi's Global Wealth Mgt Unit: Retail Clients Flee; Merrill Drags DownJan 16, 2009,By John Churchill Everybody knows that Citigroup announced yesterday it was putting itself out of its misery. ... Schapiro’s Replies: Blame The SEC—Not FINRA—For MadoffJan 15, 2009,By Karen Donovan It wasn't my job, man.... Are We Mostly Crooks? High-Flying Fraudster (Literally) Equals More Bad Publicity For Financial Advisory ProfessionJan 14, 2009,By John Churchill Marcus Schrenker is no Bernie Madoff, that's true. ... Schapiro, FINRA Head And Obama's SEC Chair Selection Head To D.C. Tomorrow For A Confirmation HearingJan 14, 2009,By Karen Donovan Mary L. Schapiro heads to Capitol Hill tomorrow morning for the hearing on her Senate confirmation as President-elect Barack Obama's nominee to chair the U.S. Securities and Exchange Commission. ... Citi, Morgan Stanley Agree To Form Joint Venture; Reps Will Receive Retention Bonus—Gorman Says: “We’re Not Stupid”Jan 13, 2009,By David Geracioti It’s official: Morgan Stanley will pay $2.7 billion to acquire a 51 percent stake in Smith Barney, Morgan Stanley and Citigroup management told Registered Rep. this afternoon. The agreement was signed today. The deal will close in about six months, says Morgan Stanley Co-President James Gorman. ... Citi Grabs a Lifeline, Morgan Stages a CoupJan 12, 2009,By Halah Touryalai Despite a $45 billion capital injection from the government in 2008, Citi is in dire enough need of capital that it is planning to spin off its retail brokerage operation, Smith Barney, according to reports, in a joint venture with cross-town rival Morgan Stanley. At least one analyst says Citi also hopes the deal will save Smith Barney, where disgruntled advisors and clients are said to be exiting. ... Citi: What Sandy Built, Pandit Will Dismantle?Jan 9, 2009,By David Geracioti, and staff So much for Citi CEO Vikram Pandit’s endorsement of the universal banking model. ... Motion To Dismiss In Arbitration? Not So Fast.Jan 8, 2009,By Halah Touryalai Firms and advisors facing disputes in arbitration will have a tougher time getting the case dismissed thanks to a new dispute resolution rule, FINRA announced today.... Sontag Takes McCann’s Job At MerrillJan 6, 2009,By John Churchill Dan Sontag has replaced Robert McCann as head of Merrill Lynch’s brokerage unit. ... Merrill’s McCann Clashed With ThainJan 6, 2009,By John Aidan Byrne On Monday, Bob McCann, a popular Merrill veteran who led the firm’s 16,850-person “thundering herd” of brokers, resigned. ... Calling All Outstanding AdvisorsJan 6, 2009,By David A. Geracioti We present our annual Outstanding Advisor Awards each May, but we’re always on the lookout for charitably inclined financial advisors. ... AIG Bailout Unconstitutional?Dec 23, 2008,By Halah Touryalai There have been plenty of arguments against the government bailout of AIG, but religion would appear as an unlikely one. ... Merrill Tweaks Grid; Lowers It For Smaller FAsDec 19, 2008,By Christina Mucciolo Merrill Lynch executives Dan Sontag, head of Americas Wealth Management, and John Hogarty, COO, released the 2009 Financial Advisor Comp Plan yesterday afternoon. ... Have Arthur Levitt's Words Come Back to Haunt Him?Dec 16, 2008,By Bill Singer Mark DeCambre and Kaja Whitehouse published a story today in the New York Post titled: “Ex-SEC Boss: Not My Fault,” which opened a window onto the thoughts of those charged with regulating Wall Street. ... SEC Finalizes $30 Billion ARS Settlement With Citi And UBSDec 11, 2008,By John Churchill Today the SEC resolved charges against Citi and UBS alleging that the two firms misled investors about liquidity risks related to auction-rate securities. ... AIG Executives: Fat Cats Or Valuable Management Worth Keeping?Dec 4, 2008,By David A. Geracioti Giving bonuses to company executives of a bankrupt, government-rescued company, now that’s a story most news organizations dream about. After all, nothing plays better than outrage—especially when you can play the greedy fat-cat theme, too. So, on its surface, AIG’s handing over $3 million to executives would seem absolutely outrageous. With all due respect to our friend Paul Tharp, the veteran newsman over at the New York Post, we think he miffed the angle of his story yesterday. He should have looked under the obvious story line for mitigating circumstances.... RIA Consolidators Going After Wirehouse RepsDec 2, 2008,By Halah Touryalai RIA holding companies are opening their arms to welcome wirehouse advisors. Not just garden variety reps, but the cream of the crop: those who have significant assets under management and heavily fee-based books.... Fido Poaches Schwab RIA ExecutiveNov 25, 2008,By Brooke Southall Fidelity Investments was negotiating a contract with the former head of Schwab’s advisor business long before he was allegedly squeezed out due to corporate restructuring at the San Francisco company.... Citi Has A Thirst For Capital; One Research Group Says BuyNov 21, 2008,By David A. Geracioti Pop culture, at the moment, is awash with movies, cable-T.V. shows and novels about modern-day vampires—the undead—trying to control (or indulge) their thirst for human blood. ... Schwab Re-Org Combines RIAs With Retirement BizNov 18, 2008,By Brooke Southall Schwab Institutional had an awesome year in 2008, stealing clients and assets from wirehouse advisors and expanding its lead in the RIA custodian business. ... Update: 6,200 Merrill FAs Sign BofA Retention At DeadlineNov 14, 2008,By Kristen French Merrill Lynch confirmed that 6,200 advisors, or about 37 percent of all Merrill financial advisors, signed a retention agreement from new parent company Bank of America by 4 p.m. on Friday. But Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production. Almost 95 percent of these eligible advisors signed. Of the absolute best at the firm—those producing annual revenue of $1.75 billion or more—99 percent signed the agreement. ... UBS Executive Indicted, Faces Up To Five-Years Jail TimeNov 12, 2008,By John Churchill The U.S. Government’s investigation of cross-border business by UBS and alleged tax evasion by some of the firm’s US clients has resulted in an indictment of Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking. ...
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