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Tepid trading may spoil Morgan Stanley’s 1Q results
As big investment banks prepare to report first-quarter earnings this month, many analysts are lowering their forecasts in light of weaker-than-expected trading by investors in February and March.
Smith Barney, Raymond James victorious in auction rate cases
Citi Smith Barney and Raymond James Financial Services Inc. have won major arbitration claims involving institutional and individual clients seeking tens of millions of dollars in restitution for the purchase of auction rate securities.
Baird snags two Smith Barney branch managers
Two branch managers have left Smith Barney for Robert. W. Baird & Co. Inc. Charles Singer, who managed a Smith Barney office in Indianapolis, is now running Baird's office in that city. Mr. Singer's former Smith Barney office has 55 financial advisers representing more than $6 billion in client assets, according to a Baird news release.
HighTower chief blasts lift-out suit from MSSB
HighTower Advisors LLC chief Elliot Weissbluth last week shrugged off a “lift-out” lawsuit filed against the firm last month by Morgan Stanley Smith Barney, calling it baseless.
Former Smith Barney head takes over GMAC’s top spot
GMAC Financial Services says Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round of taxpayer aid.
RBC snags $340M duo from Smith Barney
RBC Wealth Management has added two senior financial advisers from Smith Barney with $340 million in client assets as the regional brokerage firm continues to recruit brokers a rapid clip.
Two former Stanford reps slammed with suit for more than $11M
The receiver overseeing R. Allen Stanford's businesses announced Thursday that he is suing two former employees of the Texas financier's capital management firm for more than $11 million.
ARS battle no easy win for large investors
Two recent legal victories by securities firms involving the sale of auction rate securities suggest that institutional investors could find it tough to prevail in similar battles.
From under the radar into thin air
Easygoing Charles Johnston does not have the celebrity star power of the executives who run the other brokerage houses on Wall Street.
Morgan Stanley zeroing in on the ultrawealthy
Morgan Stanley Smith Barney is broadening its network of advisers who serve ultrahigh-net-worth clients — an area in which the brokerage has experienced some recent success.
Ex-Smith Barney adviser hit with lawsuit, restraining order
Smith Barney has hit a former adviser with a lawsuit, an arbitration claim and a restraining order, claiming that the rep improperly pursued clients and used confidential information after he resigned from the brokerage arm of New York-based Citigroup Inc. at midmonth.
Smith Barney losing nearly 80 reps a week
It’s shaping up to be another challenging quarter for Smith Barney as the firm continues to lose reps and advisers at a blistering pace.
MSSB outlines 2010 broker pay plan
Morgan Stanley Smith Barney officials previewed the firm's new pay plan with brokers on a conference call last week.
Morgan Stanley Smith Barney vet bolts for UBS
Brokers are on the move again. Christopher Miller, a former executive vice president and Southwest regional director…
The new kings of Wall Street
On Sept. 16, 1920, at precisely one minute after noon, Wall Street was literally shaken to its foundations when a massive bomb exploded outside J.P. Morgan's headquarters, killing dozens and injuring hundreds more.
A Morgan Stanley team strikes out on its own
Another team of Morgan Stanley Smith Barney brokers in California, who say they've recently managed about $500 million, has left to set up its own RIA.
Jones, LPL rank highest in full service satisfaction
The chief driver of satisfaction, according to the study, is the financial adviser, comprising 30% of the total — an increase from 22% in 2008. In contrast, investment performance declined in importance — accounting for only 15% of overall satisfaction, compared with 24% in 2008.
Brokerage firm recruitment deals are holding steady for top reps
Despite the intense scrutiny on executive compensation by legislatures and regulators, major brokerage firms continue to offer generous recruitment packages to top brokers.
Indie B-Ds gain clients at expense of wirehouses
The stock market's downturn is reshaping the retail-brokerage industry, with disgruntled clients replacing wirehouse brokers with independent representatives and financial advisers.
Prominent NYC Smith Barney manager bolts
Mike Lee, a prominent Smith Barney branch manager in New York, has left the firm to join JPMorgan Chase & Co. of New York.
