Wirehouse Firms
Learn the ins and outs of the wirehouse channel, including news, analysis and more on Bank of America-Merrill, Morgan Stanley, Wells Fargo and UBS.
Scramble for Assets
By Jane Wollman RusoffThough industry efforts will likely serve to soften the Dodd-Frank Wall Street Reform & Consumer Protection Act that President Obama signed into law…
August 29, 2011
BofA Sells Half Its Stake in Chinese Bank for $8.3 BillionBank of America said Monday it was selling about 13 billion common shares, or 5%, of China Construction Bank to a group of investors for some $8.3 billion in cash and an after-tax gain of $3.3 billion.
August 26, 2011
Advisors Upbeat, With Wirehouse FAs Likely to Switch Firms: Top RecruiterIn the face of intense market volatility, financial advisors are surprisingly upbeat about the future of their businesses, executive recruiter Mark Elzweig, president Mark Elzweig Co., tells AdvisorOne.
August 25, 2011
Buffett Puts $5 Billion Into BofA, Draws CriticismBank of America said Thursday that it was selling 50,000 shares of preferred stock with a liquidation value of $100,000 per share and a dividend that pays 6% per year to Berkshire Hathaway.
August 23, 2011
UBS to Cut 3,500 Jobs; Wealth Unit Losing 350UBS said Tuesday it planned to cut staff by 3,500 as part of its overall plan to trim about $2.5 billion from its yearly expenses by the end of 2013 to improve operating efficiency.
August 22, 2011
FSC Names Jerry Murphy New President and CEOAtlanta-based FSC Securities Corp., one of Advisor Groups three independent broker-dealers, said it named Jerry Murphy as its new president and CEO on Monday.
August 19, 2011
Raymond James Adds HNW Advisor From UBSThe $1 million producer is expected to join the independent channel of Raymond James with about $110 million in client assets.
August 17, 2011
Raymond James Hires Two Merrill AdvisorsRaymond James said Wednesday that it had added two Merrill Lynch advisors to its Raymond James & Associates branch office in Tallahassee, Fla., with about $114 million in assets and more than $600,000 in yearly fees and commissions.