5 Takeaways From BofA, Wells Fargo Q3 Earnings
Consumer lending shows cracks on the second day of earnings season; the four largest U.S. banks cut their combined workforce after a pause.
BofA Posts Its Best Profit in Six Years
Trading revenue falls 15%, fueled by slump in fixed income; net income climbs 13% to $5.59 billion, beating estimates.
HighTower Nabs $500M JPMorgan Team, $230M Merrill Rep: Recruiting Roundup
Also, Wells Fargo attracts two Morgan Stanley reps with $370 million; Cetera adds new bank client with $225 million.
Raymond James to Grab $5B Clearing Client From Pershing
It also recruited a husband-and-wife team from Merrill Lynch with some $160 million in assets.
RBC Wealth Grabs Rival’s Top Recruiter
Michael Parker was an executive vice president and chief development officer for HighTower Advisors.
Raymond James Adds $170M Morgan Stanley Duo, Shares Financial Update
The firm boosted assets, fees and commissions in August and in September had "elevated expenses" tied to Hurricane Irma.
RBC Adds $350M Merrill Team, $125M Morgan Stanley FA: Recruiting Roundup
Meanwhile, wirehouse reps depart for Baird, Ameriprise and Arkadios Capital; Royal Alliance and CAPTRUST attract large groups.
Merrill Exec Gets ‘Cease and Desist’ in Biggest Customer Protection Case Ever
The SEC found the executive negligent; Merrill was fined $415 million over leveraged conversion trades involving investors’ cash.
7 Top Online Brokerages: Kiplinger
Kiplinger ranks firms based on commissions, investment choices, tools, research, ease of use, mobile access and advisory services.
$600M Merrill Team Joins Syntal Capital Partners: Recruiting
Janney and RBC Wealth also pick up advisors from Morgan Stanley and Wells Fargo respectively.