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.
Raymond James Upbeat on Recruiting
By Janet LevauxRaymond James Financial reported net income of $46.8 million, or $0.37 per share, for the period ended June 30 vs. income of $60.7 million, or $0.48 per…
August 31, 2011
BofA Adds 38 Advisors to Merrill EdgeBank of America has hired 38 Merrill Edge advisors serving mass-affluent clients in and around Washington, D.C., Baltimore and Philadelphia. The hiring is part of BofA-Merrills plan to nearly double the number of Financial Solutions Advisors to 1,000-plus by year-end.
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.