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Ex-Morgan Stanley broker pleads not guilty to insider trading

September 5, 2017

A longtime Morgan Stanley broker and financial adviser pleaded not guilty to trading on secret tips about pending mergers and acquisitions leaked by a Bank of America Corp. consultant. Michael Siva, 55, got the information from a close friend,...

Junk bonds face wave of supply just as investors turn sour

September 1, 2017

After a tough summer for junk bonds, with investors yanking cash out of the market, the clouds are gathering for a potentially stormy fall. September is typically among the busiest periods of the year for debt sales, posing a risk to issuers...

Warren Buffett converts Bank of America warrants to buy $16.5 billion stake in bank

August 29, 2017

Warren Buffett's Berkshire Hathaway Inc. exercised warrants to buy 700 million shares of Bank of America Corp., locking in an $11.5 billion investment gain in a move that was telegraphed earlier this year. Buffett invested $5 billion in Bank...

Big U.S. banks could see profits jump 20% with deregulation

August 24, 2017

The deregulation winds blowing through Washington could add $27 billion of gross profit at the six largest U.S. banks, lifting their annual pretax income by about 20 percent. JPMorgan Chase & Co. and Morgan Stanley would benefit most from changes...

High-grade U.S. bonds run at fastest pace ever past $1 trillion

August 22, 2017

Blue-chip companies have sold more than $1 trillion of bonds in 2017, passing that milestone for the sixth straight year, as Federal Reserve rate hikes spur companies to borrow while it's still cheap. Sales from Amazon.com Inc. and Philip Morris...

U.S. companies having best earnings season in 13 years

August 11, 2017

Overseas demand is driving the best earnings season for U.S. companies in 13 years, with top executives from Dow Chemical Co. to Morgan Stanley citing rising foreign sales, a dynamic that should help propel gains in the second half. With nearly...

Bank of America's Moynihan: No quick pullback from fiduciary rule

July 18, 2017

Bank of America Corp's chairman and CEO, Brian Moynihan, does not see a quick pullback from the Department of Labor's fiduciary rule. The bank's global wealth and investment management group, which contains Merrill Lynch Wealth Management, last...

Morgan Stanley to arm its financial advisers with algorithms to take over routine tasks

May 31, 2017

Call them cyborgs. Morgan Stanley is about to augment its 16,000 financial advisers with machine-learning algorithms that suggest trades, take over routine tasks and send reminders when your birthday is near. The project, known internally as...

Stocks and bonds sending out divergent outlooks on economy

April 25, 2017

Markets are taking sides when it comes to the direction of the U.S. economy. In the green corner are stocks. The Standard & Poor's 500 index is just 0.3% away from a record high reached in March on bets that Donald J. Trump's administration...

DOL rule slows down wirehouse recruiting and crimps bonuses ​

February 27, 2017

After months of secretive planning, seven teams of financial advisers had new business cards and client lists in hand, poised to dump their employers and join Morgan Stanley with more than $500 million of assets in tow. But the wealth managers...

Merrill Lynch trying to make fees more transparent

January 31, 2017

Bank of America Corp.'s Merrill Lynch unit, which has said it will stop offering commission-based retirement accounts as it prepares for the Department of Labor fiduciary rule, also plans to more clearly disclose fees that clients pay to the...

Morgan Stanley to move ahead with changes despite uncertainty around DOL fiduciary rule

January 27, 2017

Morgan Stanley, one of the biggest U.S. brokerages, said it plans to move ahead with client-friendly changes designed to comply with federal rules despite uncertainty over whether the regulation will be implemented. “There has been a great...

Dow sails past 20,000

January 25, 2017

Thinking too hard about investing doesn't get you anywhere, wrote Jesse Livermore, legendary trader of the Roaring '20s. To make the really big money, you just need to “be right and sit tight.” Rarely has Mr. Livermore's advice been harder...

Bank of America's Merrill Lynch reports a 1% increase in number of financial advisers

January 13, 2017

Merrill Lynch reported a 1% net increase in the number of financial advisers at the firm at the end of 2016, according to this morning's fourth-quarter earnings announcement from Merrill's parent, Bank of America Corp. With the additional 129...

Morgan Stanley teams up with data-aggregation company Addepar to get insight into clients' holdings

January 10, 2017

Morgan Stanley, among the world's biggest brokerages, is partnering with a Silicon Valley startup better known for helping rivals at independent advisory firms and family offices manage the assets of the ultra rich. Software from data-aggregation...

Morgan Stanley to keep commission-based IRA business despite DOL rule in contrast to Merrill Lynch

October 26, 2016

Morgan Stanley will keep its commission-based IRA business when the Labor Department's fiduciary rule takes effect next year, taking a different course than Bank of America Merrill Lynch in complying with the new regulation. Clients who prefer...

Bank of America CFO says decision to stop paying IRA commissions won't incite Merrill Lynch brokers to quit

October 17, 2016

Bank of America Corp.'s chief financial officer Paul Donofrio on Monday dismissed the notion brokers working for its Merrill Lynch brokerage unit will defect en masse because of the firm's decision to stop paying commissions on individual retirement...

Viewing a recession threat through rose-colored glasses

October 11, 2016

Good news for those worried about all the goods stockpiled by U.S. wholesalers, because Bank of America Corp. says it isn't a recession indicator. The reason, it's different this time. Sound familiar? Contrasting optimism. Warren Buffett takes...

Merrill Lynch hit with multiple fines by SEC, Finra

June 23, 2016

Thursday was not a good day for Merrill Lynch. The wirehouse, owned by Bank of America, admitted to wrongdoing in a record $415 million settlement with the Securities and Exchange Commission, which charged it misused customer cash and failed...

Wirehouses escape the worst of the DOL fiduciary rule

May 22, 2016

While many financial advisory firms have hunkered down, unwilling to talk about the impact of the disruptive Labor Department fiduciary rule, the wirehouses have sought to reassure their shareholders that the sky is not about to fall. Bank of...

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