Bank of America Corp. recorded a 5% increase in first quarter net income, as fee income rose despite a challenging credit environment.
Merrill Lynch & Co. Inc.'s first-quarter profits increased 31% from a year ago, when it took a charge related to its acquisition of BlackRock Inc. the company reported today.
Less than a week after Citigroup Inc. agreed to purchase Old Lane LP and tap Vikram Pandit, its founder, to become head of Citi Alternative Investments, Citigroup’s Dean Barr has resigned as head of liquid markets.
Amvescap PLC chief executive Martin Flanagan's 2006 pay package was less than half of his compensation in 2005, according to a Financial News report.
Lehman Brothers Holdings Inc. has appointed Kunho Cho as its first Asia-based vice chairman, according to published reports.
JPMorgan Chase & Co. posted a 55% increase in quarterly earnings, energized by gains in its investment banking and asset management businesses.
Knight Capital Group Inc. posted a 35% drop in first-quarter profits on lower revenues and a loss from discontinued operations, falling short of analysts estimates.
Morgan Stanley has hired Blair Pickerell as its managing director and head of investment management for Asia, according to published reports.
State Street Corp. posted an 11% increase in net income on stronger servicing and investment management fees, which boosted revenue to a record level.
Jefferies Group Inc. announced record quarterly investment banking revenues, net revenues, net earnings, and earnings per share, according to a statement released today.
Wachovia Corp. shareholders have approved two proposals by the company's board that will affect how directors are elected and how often.
TD Ameritrade Holding Corp. posted an 18% drop in second-quarter net income today, one year after the company recorded its largest one-time gain.
Charles Schwab Corp. posted a 12% increase in net income for the first quarter, as new customers increased assets in client accounts.
Wells Fargo & Co. posted an 11% increase in first-quarter profit, resulting from growth in lending and a higher-net interest margin, which set off increasing credit losses.
Mellon Financial Corp. reported a 22% increase in first-quarter profit after an acquisition helped boost its assets over the $1 trillion mark.
The IRS plans to issue final regulations for 403(b) plans by the end of June, and the changes could result in industry consolidation, particularly in the K-12 marketplace, observers said.
Along with the layoffs and cost cutting unveiled last week by Citigroup Inc. came rumors that the company’s Smith Barney brokerage unit was destined for a spinoff.
The radical notion of abolishing mutual fund boards and allowing funds to set their own prices may be worth a second look, according to the head of a group representing independent fund directors for the $10.4 trillion fund industry.
IRVINE, Calif. — NASD continues to tinker with a pending variable annuity suitability rule, making a fourth proposed change in almost two years.
