Last week's implosion on Wall Street has given financial advisers and their clients a jolt of unprecedented proportions.
Defending his decision to drive Merrill Lynch & Co. Inc. into the arms of Bank of America Corp. in less than 48 hours of negotiations, Merrill chief executive John Thain told the firm's 16,000 brokers last Monday that he had saved their jobs.
Adding to sweeping government actions announced to alleviate the financial crisis, Treasury Secretary Henry Paulson Jr. this morning proposed new measures aimed at buying bad mortgages and distressed debt.
More than 77% of 1,003 advisers who responded to an <i>InvestmentNews</i> survey over the past 36 hours fear the news coming out of Wall Street is likely to get worse before it gets better.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
MetLife Inc. has some $800 million in exposure to the now-collapsed Lehman Brothers Holdings Inc. and the just-rescued American International Group Inc. and is assessing the recoverability of those investments.
Dekania Corp., a special-purpose acquisition company looking to invest in an insurance business, announced Monday that it was merging with Chicago-based Advanced Equities.
Morgan Stanley, which saw its stock fall as much 28% at one point on Tuesday after a drop of 13.5% on Monday, rushed out its fiscal third-quarter earnings report after the market closed today, trying to reassure investors that it is standing up to the market turmoil that has felled some top competitors.
Following this weekend’s turmoil on Wall Street, financial-sector job cuts may hit new heights, according to a report from Challenger Gray & Christmas Inc. of Chicago.
“There will be massive defections of clients and advisers,” said Liz Nesvold, managing partner of Silver Lane Advisors LLC of New York. “The wirehouse model, which was damaged, is now broken.”
After a weekend of turmoil, shares of American International Group Inc. lost more than half their value in the first hour of trading.
Wayne Christian figured the registered representatives of Center, a small town in eastern Texas, could use a business boost. He also thought its pension funds and endowments, which fund scholarships, needed some new investment options.
Protected Tomorrows, an organization that trains financial advisers to serve those with special needs, is starting a program to train advisers to handle the special financial needs of the disabled, said Mary Anne Ehlert, the group's founder.
LPL Financial has agreed to pay a $275,000 penalty for violating customers' privacy, the Securities and Exchange Commission said Thursday.
Lehman Brothers is verging on collapse, even as Bank of America has reportedly bought Merrill Lynch for $44 billion; AIG hammering out its own rescue strategy.
Lehman Brothers is verging on collapse, even as Bank of America is reportedly in talks to purchase Merrill Lynch and AIG hammers out its own rescue strategy.
The Producer Price Index dropped 0.9% in August after many months of increased prices, according to the Department of Labor.
September’s reading on consumer sentiment improved this month, compared with August, as Americans’ outlook on inflation brightened, according to the preliminary Reuters/University of Michigan consumer sentiment index.
A precipitous drop in energy prices, the presidential conventions and the government bailouts of Fannie Mae and Freddie Mac have helped consumer confidence rise dramatically this month.
