UBS Announces Record Loss; Mortgage Mess Grows 

Jan 30, 2008,

By Kristen French

It looks like the worst of the mortgage meltdown is far from over for the big banks. In a surprise warning today, UBS announced that it would post a record $4 billion ...

Fuss Over Broker Expungement Continues 

Jan 29, 2008,

By Kristen French

Apparently, some people still think it’s far too easy for brokers to wipe their records clean, particularly where customer dispute information is concerned. A story on SmartMoney ...

Morgan Laying off 1,000 

Jan 24, 2008,

By Kristen French

UPDATE: Morgan Stanley is laying off 1,000 people, primarily in tech, operations and support roles, according to the bank. Sources familiar with the situation said these jobs would be concentrated primarily in the wealth management, asset management and corporate divisions. ...

RIAs Get Growth Advice 

Jan 24, 2008,

By Halah Touryalai

RIAs are winning. No. Wait. Wirehouses are winning more assets, but RIAs are growing faster. Well, nevermind. It’s tough to tell these days. But whoever the winner is, there’s no doubt both industries are striving for the same things: clients, assets and talent...

Citi Losses Mount; Smith Barney Still Truckin’ 

Jan 15, 2008,

By John Churchill

Citigroup announced another whopper of a write-down in the fourth quarter; full-year results were dismal. That said, Global Wealth Management, which includes Smith Barney, was a bright spot....

Gold's Record High: BFD 

Jan 14, 2008,

By Brad Zigler

Gold hit record highs Friday, as February COMEX futures punched through $900 intraday before finally settling near $898. Gold bugs swarmed around the media outlets making sure they got quoted as the first—the very first—to call this takeout of the old record price, set in 1980...

Merrill’s Losses Continue To Surprise 

Jan 11, 2008,

By John Churchill

Oops, looks like Merrill underestimated its quarterly loss—again. After an $8.4 billion write-down in the third quarter that resulted in $2.3 billion in losses, the fourth quarter is likely to be far worse....

Smith Barney Snags Three Advisors From Rivals 

Jan 9, 2008,

By Halah Touryalai

Smith Barney has started off the new year right with a recruiting victory. The firm recently hired three Merrill Lynch reps and one UBS advisor....

Desperately Seeking Advisors For RR’s 28th Annual Outstanding Advisor Awards 

Jan 9, 2008

We, the editors of Registered Rep. magazine, are officially opening our annual hunt for the best in the business. That’s right, we’re asking for nominations for the Outstanding Advisor Awards ...

If Candidates Were Stocks  

Jan 7, 2008,

by Christina Mucciolo

If politicians were traded daily like a stock, which company would best describe them? That’s one perspective Slate, an online magazine, has brought to its coverage of the 2008 presidential campaign. ...

Merrill Slashes Trading Jobs 

Jan 4, 2008,

By Christina Mucciolo

Merrill Lynch began a round of layoffs this morning: The dismissals reportedly kicked off at 7 a.m. on the trading floor, according to Wall Street news blog Dealbreaker...

SEC’s RAND Study Released 

Jan 3, 2008,

By Christina Mucciolo

The SEC released the results of the RAND study today, which examined two issues: how broker/dealers and investment advisors market and provide products and services to investors, and how investors understand the differences between investment advisors and broker/dealers. ...

Morningstar’s “Best Of 2007”: A Dubious Distinction? 

Jan 3, 2008,

By John Churchill

Financial research firm Morningstar announced today the three winners chosen as “Mutual Fund Managers of the Year.” But with many studies showing one year’s hot managers...

2008: A Comeback Year For Wall Street? Probably Not.  

Jan 2, 2008,

By Halah Touryalai

Last year’s markets were not very kind to brokers and their firms, which both took major hits in the fourth quarter thanks to the credit fiasco. For those betting on 2008 ...

Morgan Stanley’s Earnings Disaster: This Could Leave A Mark 

Dec 19, 2007,

By John Churchill

Morgan Stanley CEO John Mack opened the Morgan Stanley earnings call today by saying the firm’s quarterly results were “embarrassing.” Quite. But, he quickly pointed out that—excluding mortgage-related businesses...

What Credit Crunch? Goldman Posts Weak-ish 4Q Results But Strong Fiscal 2007 Performance 

Dec 18, 2007,

By Halah Touryalai

Goldman Sachs closed out the year on a high note. Despite the credit crisis that has hurt many of its rivals on Wall Street, net income at Goldman increased 2 percent in the fourth quarter ...

Ellyn McColgan, Late Of Fido, Joins Morgan Stanley 

Dec 18, 2007,

By John Churchill

Ellyn McColgan, once seen as a possible successor to Ned Johnson as CEO at Fidelity Investments, has been picked to take the helm of Morgan Stanley’s Global Wealth Management Group...

Advisors Should Learn From Student Loan Investigation 

Dec 17, 2007,

By John Churchill

A black social worker is suing Columbia University and Citibank for allegedly colluding to charge him and his peers exorbitant interest rates on their student loans....

Dykstra Pitches Annuities To Rich Athletes 

Dec 12, 2007,

By John Churchill

Lenny Dykstra, aka “Nails” to his teammates on the 1986 World Series Champion New York Mets, wants professional athletes to invest with him, according to a story in the New York Post. ...

Pandit takes Prince’s Post 

Dec 11, 2007,

By Christina Mucciolo

Citigroup shuffled its brass today and named Vikram Pandit the new CEO and a member of the Board of Directors. ...

UBS Flushes $10 Billion, Gets $11.5-Billion Injection 

Dec 11, 2007,

By John Churchill

UBS announced yesterday it would take an additional $10-billion write-down related to sub-prime loan investments this quarter. But it also announced it has received $11.5 billion in capital ...

Uncle Sam To The Rescue! 

Dec 6, 2007,

By David A. Geracioti

Shortly, Treasury Secretary Paulson and President Bush will announce their plan to freeze sub-prime loan rate “resets.” Is it any wonder why we like to call Democrats and Republicans, “Remocrats” and “Depub...

Spitzer Returns! New York A.G. Probes Wall Street On Mortgage-Backed Securities 

Dec 5, 2007,

By Halah Touryalai

The punches keep on coming for some of Wall Street’s biggest firms. A handful of firms were sent subpoenas late this summer courtesy of New York State Attorney General Andrew Cuomo...

Thain Recruits Colleagues in First Week at Merrill  

Dec 4, 2007,

By Christina Mucciolo

John Thain wasted no time calling on his friends during his first week on the job as the head of Merrill Lynch. The former NYSE Euronext CEO, Thain was appointed CEO ...

“Top” Independent Advisor Falls From Grace?  

Dec 3, 2007,

By Christina Mucciolo

Frank Julian Bluestein may have flipped a nut. Bluestein was ranked number four on our “America’s Top 100 Independent Advisors” list, published in August of this year...