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.
New Hires Roundup: Senate Banking Panel Approves SEC Nominations; Gregg Goes to The Hartford
This week in new hires, the Senate Banking Committee approved several SEC nominations; Michael Gregg was welcomed at The Hartford; Tom Douie rejoined Neuberger Berman; and Carl Steinhilber and Roderick Toppin went to MassMutual.
Plan to Rescue German Banks Stokes Fears of Crisis
New German government plans to rescue its banks and insurers sent the clearest signal yet that a European banking crisis could be imminent.
Recession Fears Fuel Art Sales
High-end art owners are looking to unload, sometimes settling for deep discounts on works from masters such as Pablo Picasso, Roy Lichtenstein and Robert Rauschenberg.
S&P’s President, Sharma, to Step Down
Deven Sharma, president of Standard & Poor's, will step down from his post on Sept. 12, and will be succeeded by Douglas Peterson, who is currently Citibank NA chief operating officer—Citibank is a unit of Citigroup.