Sallie Krawcheck Out at Smith BarneySep 22, 2008,By John Churchill Sallie Krawcheck, CEO of Citi’s global wealth management division, and once considered a potential successor to the CEO role, is leaving the firm. Her departure was announced internally to Citi employees this morning. A spokesperson for Smith Barney confirmed her departure, but was not available for further comment.... Wall Street's Pain Is RIAs' Gain: Reps Flee Wirehouses, Bring Assets to Fido And OthersSep 22, 2008,By John Churchill The last 18 months of turmoil in the financial markets and at the individual New York brokerage firms appears to be benefiting the RIA industry. ... Morgan And Wachovia?Sep 17, 2008,By David A. Geracioti and Halah Touryalai Morgan Stanley, one of the last remaining stand-alone Wall Street titans, is considering merging with Wachovia Securities, according to the New York Times and CNBC.... Morgan Stanley Earnings Up, Stock Down; Wealth Management Unit Raking In Assets And AdvisorsSep 17, 2008,By John Churchill Morgan Stanley, perhaps in an effort to quell investor fears that it was on similarly shaky ground as Lehman Brothers, pre-announced its third-quarter earnings yesterday, surprising analysts with census beating results. ... Merrill Reps: Waiting For Retention NewsSep 17, 2008,By Susan Konig At a press conference early Monday morning, John Thain, chief executive of Merrill Lynch & Co., insisted that the firm’s employees supported being taken over by Bank of America of Charlotte, N.C. ... AIG Saved; Biz As Usual For Its B/DsSep 17, 2008,By Halah Touryalai After days of looming bankruptcy rumors, AIG’s life was spared last night thanks to the Federal Reserve.... Barclays Picking At Lehman Carcass; Clock Is TickingSep 16, 2008,By John Churchill Barclays Capital (BCS), one of Britain's largest banks, is nearing a deal with Lehman Brothers to buy its core broker/dealer business, and is in talks to sell its investment management unit to one or more private equity firms.... AIG Needs Cash; Who Will Buy Its B/Ds?Sep 16, 2008,By Christina Mucciolo and Halah Touryalai The $20 billion loan AIG was allowed to borrow against itself yesterday didn’t have much of an impact after S&P, Moody's and Fitch cuts its credit ratings last night. ... AIG Stays Afloat—For NowSep 15, 2008,By Halah Touryalai Among those companies experiencing death or near-death on Wall Street in the past 72 hours is New York-based insurance conglomerate AIG. ... Merrill Lynch Sells Itself To Bank of America: Update 3Sep 15, 2008,By Kristen French and staff So why did John Thain do it? Well, he didn’t have much of a choice. ... LPL Fined For Privacy FailuresSep 11, 2008,By Halah Touryalai LPL Financial is paying the price today for failing to safeguard its customers’ personal information.... Bank Of America To Buy Its ARS BackSep 10, 2008,By John Churchill Bank of America joins a growing list of banks and brokerage firms that have promised to buy back auction-rate securities sold by their brokers. ... Brokers Charged In Fraudulently Selling $1bn Of ARS To Retail ClientsSep 3, 2008,By John Churchill In the first case of its kind, the SEC announced today that it has charged two individual financial advisors with fraud related to the sale of more than $1 billion in auction-rate securities.... What Is Your Practice Worth? Plenty—If You Are Fee-BasedAug 25, 2008,By John Churchill Considering selling all or part of your book? Buyers don’t seem to have a preference for a business model—whether you are an investment manager, say, or a financial planner; what they do care about are present and future revenue streams. ... Politics Enters IndyMac AftermathAug 21, 2008,By John Churchill The California Attorney General, Edmund “Jerry” Brown, is considering a request by 51 former IndyMac bank employees to investigate New York Democratic Senator Charles Schumer’s role in the collapse of IndyMac Bank. ... Putnam, Janus Pay For Market Timing Scandal—But Did Anyone Really Lose Any Money?Aug 20, 2008,By Stan Luxenberg In the fall of 2003, newspaper headlines blaringly announced the arrival of the mutual fund market-timing scandals. ... OUTSTANDING SALES ASSISTANT NOMINATIONSAug 19, 2008
The editors of Registered Rep. are undertaking a comprehensive survey of sales assistants, and to complement our disclosure of the results, which will appear in our October issue, we would like to profile a number of outstanding SAs. But we need your help! We are counting on nominations of sales assistants from the financial advisors with whom they work to make our selection.... Ladies Get Millions In Smith Barney Discrimination CaseAug 15, 2008,By John Churchill A federal judge gave final approval to a $33 million class-action settlement on Wednesday between Citigroup and current and former female financial advisors. ... Ameriprise Buys H&R Block RepsAug 13, 2008,By Halah Touryalai Ameriprise Financial is 900 advisors stronger after it purchased H&R Block Financial Advisors (HRBFA) for $315 million in cash yesterday. ... Broker’s Mum on Missing MillionsAug 12, 2008,By Halah Touryalai When asked about the millions of dollars missing from his clients’ accounts, Michael J. Park, a Brentwood, TN stockbroker, didn’t offer much of an explanation. ... The News Is Ugly At UBS; Clients Flee; 2Q Earnings Are Worse Than Expected; Reorg StrategyAug 12, 2008,By John Churchill As you know, UBS reported a larger-than-expected second-quarter loss of $327 million today. Contributing to the dismal result was another $5.1 billion in U.S. mortgage related write-downs.... Citi Settles With SEC and Cuomo Over ARS FailureAug 7, 2008,By John Churchill Citigroup reached a settlement with the SEC and the New York Attorney General, Andrew Cuomo, Thrusday over allegations that the firm made misrepresentations in its marketing and sales of auction rate securities to clients.... Citi to Yield Big Bucks in Auction-Rate Securities Talks?Aug 6, 2008,By John Churchill Citigroup may soon eat $8 billion worth of failed auction rate securities it sold to clients, and get slapped by the SEC with a $100 million fine, according to a report from Bloomberg that cites people familiar with the case.... More Trouble For Lehman, But No Meltdown In SightAug 4, 2008,By John Churchill Lehman Brothers may be considering shopping around $30 billion in beat-down commercial mortgage-related assets, according to a report in the New York Post from last Friday, which cites anonymous insider sources. ... The Bear TalksAug 4, 2008,By Nancy N. DiCostanzo It was only a matter of time before a book about Bear Stearns’ demise hit the bookshelves. ...
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