Morgan Deemed ‘Winner’ in Moody’s Bank-Rating Massacre
Fifteen banks in the U.S., U.K. and Europe with global capital markets operations saw their ratings cut by Moody’s, some by as many as three notches.
New Hire Roundup: Morningstar Adds to Fund Research Team
This week in new hires, Morningstar announced six appointments for its fund analyst research team; James Machuga joined Merk Investments; and Philipp Hildebrand was named vice chairman at BlackRock.
Broker Exits Spur Recruiting Shift
The movement of financial advisors out of the wirehouses has continued in early 2012, experts say, and should put Merrill Lynch and Morgan Stanley on notice.
Swaps Bill Offers Dodd-Frank Dodge, Consumer Group Says
Americans for Financial Reform is coming out against the Swaps Jurisdiction Certainty Act, which was being marked up Tuesday by the House Financial Services Committee.
Merrill, Morgan Talent Drain Needs Response, Expert Says
As more brokers move to independence, the wirehouses are left fighting over remaining reps.
Big U.S. Banks Are ‘Uninvestable,’ Say Industry Insiders at SIFMA Meeting
Industry insiders criticized big U.S. banks as being “uninvestable” on Tuesday at the Securities Industry and Financial Markets Association’s (SIFMA) annual meeting in New York.
Q3 Earnings: Citigroup's Climb 74% on Accounting Gain
Citing a one-time accounting boost, Citigroup reported a 74% rise in Q3 2011 profits compared with a year ago. Citi CEO Vikram Pandit said the bank continues to pare down its brokerage and asset management units.
Citibank Cuts 80 Wealth Investment Consultants
Citibank announced Friday that as part of a 'strategic decision' by Citibank and Citigold Wealth Management leadership, the Citi Personal Wealth Management Investment Consultant role 'will be discontinued.'
Sallie Krawcheck’s Legacy Assured: Raymond James Women’s Forum
As firms like Raymond James endeavor to boost the ranks of women in the brokerage business, their executives and advisors say the Sallie Krawcheck story, despite her recent layoff from Bank of America-Merrill Lynch, remains a powerful one.
Moody’s Downgrades BofA, Wells Fargo & Citigroup
More advisors may feel the necessity to seek independence, as lack of potential government bailouts led to ratings cut.