A wild ride: The major changes in the broker-dealer world since July 2008
Sept. 5: An investment group led by John Sykes, founder of call center operator Sykes Enterprises, announces a deal to buy a controlling stake in GunnAllen Holdings Inc., parent company of independent broker-dealer GunnAllen Financial Inc., which has 750 to 800 affiliated reps.
Sept. 10: Insurer Securian Financial Group Inc. announces it will purchase Capital Financial Group Inc. and its broker-dealer, H. Beck Inc. Securian has 1,220 reps and advisers, Capital Financial/H. Beck about 750. Terms were not disclosed.
Sept. 15: Bank of America Corp. agrees to acquire troubled wirehouse Merrill Lynch & Co. Inc. in a $50 billion all-stock deal. Deal closes Jan. 1, 2009.
Above: John Thain (left), chief executive officer of Merrill Lynch & Co. Inc., and Kenneth Lewis, chief executive officer of Bank of America Corp.