Ten percent have exited to date; rival PrimeVest main beneficiary so far
Brokerage sees dramatic jump in income and net new accounts; Wall Street yawns
Can new UBS boss Sergio Ermotti turn things around at the misfiring bank? To do so, he must reshape the Swiss giant's i-bank unit. And he must do this while convincing clients of the wealth management unit to stay following the bank's latest PR disaster. | <a href=http://www.investmentnews.com/article/20110923/FREE/110929957>RJ boss would love for UBS to sell wealth management group</a> | <a href=http://www.investmentnews.com/apps/pbcs.dll/gallery?Site=CI&Date=20110616&Category=FREE&ArtNo=616009999&Ref=PH&Params=Itemnr=6> How clients rate UBS</a>
Two weeks ago, John Thiel took over for Sallie Krawcheck at Bank of America Merrill Lynch. Today, the wealth management boss rejiggered the entire operation. His goal? To get more support to advisers.
In the second defection in a week, a top team at Morgan Keegan has jumped ship, this one landing at Morgan Stanley Smith Barney. Says one recruiter of the defections at the up-for-sale firm: "This may be the first sign of the exodus.”
Sources say UBS' $2B trading loss may have been caused by an employee's failure to hedge the currency risks of an exchange-traded fund. If so, expect heightened regulatory scrutiny of ETFs.
More tribulations at UBS, as unauthorized trading has left the bank with a big hole in its balance sheet. How big? The company says the loss could reach $2B -- and may turn a third-quarter profit into a loss. Says one analyst: 'This could be a critical tipping point.'
Firings of Krawcheck, Price gives embattled CEO more breathing room to turn things around; 'in the line of fire'
Last month, Sallie Krawcheck was elected to one of three large-firm governor's seats at Finra. There's just one hitch. Now that Krawcheck no longer works for BofA, she must quickly find a job at a large firm — or give up the seat.
Aristocracy of banking would have likely gone down the tubes without previously undisclosed Fed money; 'whopping numbers'
Says brokerage told officials in Wisconsin it would take '15 Enrons' to sink $200M investment; CDOs went bust
Judge approves settlement; brokers with arbitration claims now can put matter behind them
Bolanis claims Christopher Sargent was putting elderly clients in unsuitable investments; Sargent, Wells deny accusations
USB CEO Oswald Gruebel today reiterated that the Swiss bank has no plans to unload its U.S. wealth management unit. That division, run by Robert McCann, saw pretax profits and adviser comp rise in the second quarter of the year.
Firms said to be on short list of acceptable buyers; PE outfit also thought to be lurking about
Finra panel says brokerage stiffed muni trader who was owed years worth of incentive comp
Package containing two CDs arrives at NY state tax facility -- minus the CDs; data included SSNs, names of investors in tax-exempt bonds
Asset manager aims to double sales through smaller broker-dealers; 'coverage gap'
Despite talk of possible purchase of Morgan Keegan, Taft says bank not eyeing 'transformational deals'
Silverman leaves on-the-block firm; second defection in June
