Waddell & Reed, Nomura, Amex

Waddell & Reed Financial reported a fourth-quarter loss of $730 million, or 1 cent per share, compared with a profit of $35.1 million, or 42 cents per share, a year earlier, due to a severe decline in assets under management.
JAN 27, 2009
Waddell & Reed Financial Inc. and Nomura Holdings Inc. posted quarterly losses today while credit card giant American Express Co. reported a profit late yesterday. Waddell & Reed Financial reported a fourth-quarter loss of $730,000 or 1 cent per share, compared with a profit of $35.1 million, or 42 cents per share, a year earlier, due to a severe decline in assets under management. The Overland Park, Kan.-based investment manager saw assets under management drop 26.8% from the year-ago period, to $47.5 billion. Nomura Holdings posted a record 342.9-billion yen ($3.8 billion) loss for its fiscal third quarter, compared with a 21.8-billion yen profit in the year-ago period. Tokyo-based Nomura attributed its third-quarter struggles to a one-time cost of 60.3 billion ($707 million) related to its acquisition of the Asian and European operations of bankrupt investment bank Lehman Brothers Holdings Inc. of New York. Today, as Nomura was reporting its dismal quarter, the Japanese government announced a plan to inject state funds into ailing companies in exchange for stakes in those firms. American Express posted a fourth-quarter profit yesterday, although it represented a 79% decline from the same period last year, due to a cutback on consumer spending from its credit card clients, the New York-based company reported. Net income was $172 million, or 15 cents per share, compared with earnings of $831 million, or 71 cents per share, in the year-ago period.

Latest News

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

Advisor moves: Raymond James, Baird add significant teams in latest recruiting push
Advisor moves: Raymond James, Baird add significant teams in latest recruiting push

Independent broker-dealers snap up experienced advisors as competition for established practices intensifies.

Wells Fargo names COO Scott Powell as its next chief risk officer
Wells Fargo names COO Scott Powell as its next chief risk officer

Derek Flowers, a nearly 30-year veteran, is set to retire in mid-January, handing the reins to the executive who helped lead the bank's regulatory turnaround.

Ameriprise runs advisor ads on ESPN, Golf Channel, CBS
Ameriprise runs advisor ads on ESPN, Golf Channel, CBS

The campaign spans broadcast TV and streaming, as the brokerage faces slowing client net flows and an $8.1 billion advisor team that left to launch an RIA this month.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains