Both GunnAllen Financial Inc. and a former top executive are claiming victory after a lengthy arbitration battle that focused on whether the independent broker- dealer had the right to fire David McCoy, its former chief operating officer and national sales director, who was dismissed in 2005.
The Iowa Legislature has approved a bill to ban stranger-originated life insurance practices.
"Rep-as-adviser" programs are gaining interest among brokerage firms as an alternative to the banned fee-based brokerage accounts, according to a report by Cerulli Associates Inc.
The Pittsburgh-based money manager reported that its preliminary net income rose to $55.8 million, or 55 cents per share.
Fueled by a drastic jump of 9.1% in petroleum import costs, the price of imports increased 2.8%.
Zurich Financial Services announced that it is cutting 400 jobs at its North American business insurance unit.
The RBC CASH Index fell to 29.5 in April, down from 33.1 in March — an all-time low since it made its debut in January 2002.
The U.S trade gap grew by 5.7% in February to $62.3 billion, trumping economists’ expectations for a slight deficit decline.
Less than 20% of American workers feel confident that they will be able to afford a comfortable retirement .
"Existing-home sales could start to show a sustained increase within a few months ... ," said Laurence Yun, NAR’s chief economist.
Five brokers at the collapsed firm have filed a $36 million arbitration complaint against National Financial Services.
The new business will take over certain operations from B-Ds that clear and custody their own trades.
The Association for Advanced Life Underwriting has created a political action committee, the organization announced.
Broker-dealer executives whose firms clear trades through and use the custody services of Bear Stearns Securities Corp. say that their fears have been calmed for the moment by the deal under which JPMorgan Chase & Co. will acquire parent company The Bear Stearns Cos. Inc.
Four in 10 American adults are holding off on major life decisions because they are worried about the economy.
CEO Martin Sullivan's pay package was sliced by one-third after AIG reported a 56% drop in annual profit in its 2007 net.
The U.S. economy shed 80,000 jobs for the month, part of the longest period of decline since early 2003.
The U.S. economy has “all but stalled and could contract,” said Janet L. Yellen, San Francisco Fed president.
Life Insurance Strategies arranges premium financing of large policies for high-net-worth clients.
The number of U.S. workers applying for unemployment benefits grew by 38,000 last week.
