Wirehouse reps were breathing a bit easier last week as their employers were able to step back from the brink of financial collapse.
Investors scared away by shaky equity markets have been mining the gold market, but advisers are mixed as to whether the investments in the precious metal are a long-term play.
In a sign that the economy is growing at a slower pace than first thought, the growth of the U.S. gross domestic product was revised downward to a final reading of 2.8% for the second quarter, according to data from the Department of Commerce.
Accounting for roughly 10% of the nation’s retail-securities business done at banks, JPMorgan Chase & Co. is set to become even more dominant in that segment once it completes its $1.9 billion takeover of Washington Mutual Inc.
New jobless claims rose to their highest point in seven years due to the weakening economy and the recent hurricane season, according to a report released today by the Department of Labor.
Investors scared away by shaky equity markets have been mining the gold market, but financial advisers are mixed as to whether the investments in the precious metal are a long-term play.
The Investment Company Institute and the Securities Industry and Financial Markets Association are launching a new research project to improve understanding of investors' use of individual retirement accounts.
Thirteen banking and insurance executives have been selected to join the Washington-based trade association’s board.
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
Charles Schwab & Co. is taking advantage of the financial crisis by attempting to lure brokers from Merrill Lynch and Morgan Stanley and other wirehouse brokerage firms to go independent and use Schwab as their custodian.
“I would argue that the fundamentals are fine,” said Jonathan Golub, former chief investment strategist at The Bear Stearns Cos. Inc., “but the credit crisis is the only thing that is relevant right now.”
National Financial Partners Corp. warned investors that its total revenue took a dive during the third quarter.
Advisers undoubtedly are concerned about their clients in this time of financial crisis, said Charles Goldman, executive vice president of Schwab Institutional, but they probably aren’t doing enough about it.
Confidence among global institutional investors continued to slump this month as increased market turmoil has caused investors to lose their appetite for risk, according to the State Street Investor Confidence Index.
Second-quarter variable annuity sales fell to $41.9 billion, down 11.2% from the comparable period last year, according to NAVA Inc.
The historic bailout may be as low as $100 billion to $200 billion, rather than the $700 billion being requested by the administration, House Financial Services Committee Chairman Barney Frank, D-Mass. said yesterday.
“The last six months ... have made abundantly clear that voluntary regulation doesn’t work,” Mr. Cox said in prepared testimony at a hearing of the Senate Banking Committee.
Lawmakers must take steps stabilize a financial situation that could pose “very serious consequences” for the U.S. “financial markets and for our economy," said Fed chief Ben Bernanke.
A group of the world's largest hedge funds are planning to sue the Financial Services Authority for millions of pounds of losses allegedly resulting from the regulator's ban on short selling, according to a report in the Sunday Telegraph.
The bond ratings agency said it has “sufficient” cash and government securities to fund potential termination payments related to guaranteed insurance contracts even if the notes issued by its MBIA Insurance Corp. unit are downgraded.
