New, higher assessments by the Securities Investor Protection Corp. are causing ”sticker shock” at several broker-dealers, particularly independent-contractor firms.
Kenneth Lewis, Bank of America Corp.'s embattled chief executive, gave a trenchant analysis of the state of banking — and the brokerage business, in particular— last week when he announced that former Smith Barney boss Sallie Krawcheck will run the bank's global wealth and investment management sector.
Investors in the Schwab Charitable Fund national donor-advised offering now have more investment choices.
Some broker-dealer executives who are now paying increased fees to the Securities Investor Protection Corp. are wondering why it is paying out on claims of investors victimized by Bernie Madoff.
A downbeat report from the Royal Bank of Scotland PLC today clouded a week of earnings updates that started with suggestions that the country's lenders were over the worst of the financial crisis — almost exactly two years after the credit squeeze took hold.
Consumer confidence for August has turned upward, reversing a slide of the past two months, according to a report from RBC Capital Markets in Toronto.
U.S. employers throttled back on layoffs in July, cutting just 247,000 jobs, the fewest in a year, and the unemployment rate dipped to 9.4 percent, its first decline in 15 months.
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
In afternoon European trading, Britain's FTSE 100 tumbled 1.1 percent to 4,637.22, Germany's DAX slipped 0.6 percent to 5,339.85 and France's CAC dropped 0.9 percent to 3,445.97.
The troubled insurer made $1.82 billion during the second quarter ended June 30. Of that, $311 million, or $2.30 per share, was attributable to common shareholders because the U.S. government owns 80% of the company after bailing it out last year.
American International Group Inc. said today director Harvey Golub will become Monday its non-executive chairman, replacing retiring Chairman Edward M. Liddy. Golub, 70, was elected to the AIG board in May 2009.
Administration officials have estimated the tripling of the $1 billion program could fund an additional 500,000 new car sales, giving automakers a late summer boost after months of ragged sales.
The Labor Department said that initial claims for jobless benefits dropped to a seasonally adjusted 550,000 for the week ending Aug. 1, down from an upwardly revised figure of 588,000 in the previous week.
The section 529 college savings plan industry is getting its ducks in a row before an Aug. 14 deadline for comments to be considered before the Department of the Treasury's Office of Economic Policy issues a report on the programs next month.
Nasdaq OMX Group Inc. said today its second-quarter profit fell 31 percent amid losses tied to foreign currency translation and a charge from selling its stake in Orc Software.
Sun Life Financial today reported a 13.8% gain in net income for the second quarter, compared with the same period in 2008.
Standard & Poor's Rating Services today downgraded The Phoenix Cos. Inc., a day after the insurer reported a huge second-quarter loss.
The Financial Industry Regulatory Authority Inc. has slapped Ameritas Investment Corp. with a fine after one of its brokers encouraged clients to buy unsuitable variable universal life insurance policies to help pay for college costs and retirement.
Societe Generale SA said today its net profit fell 52 percent in the second quarter as the French bank wrote down its derivatives holdings and suffered increased losses on bad loans.
