NU Online News Service, Aug. 22, 2003, 3:53 p.m. EDT – The stock market rebounded during the second quarter, but registered representatives at bank broker-dealers generated 8% less commission revenue during the quarter than they generated during the second quarter of 2002, according to the Bank Insurance and Securities Association, Wayne, Pa.
Average commission revenue for bank investment reps who hold Series 7 retail licenses fell to $25,708 per month, from $28,058.
Licensed bankers averaged $2,010 in monthly gross commissions, down 23%, BISA reports.
BISA bases the quarterly survey reports on data collected by researchers at Kenneth Kehrer Associates, Princeton, N.J.
What Your Peers Are Reading
Although productivity was down, customers continued to show signs of recovering from their recent fear of investment risk.