On Wednesday and Thursday of this week, Complex Managers at Morgan Stanley Smith Barney were told to participate in a conference call (the Wednesday call was repeated on Thursday) which was entitled: Compensation Communication Day Training. The slides, delivered by Human Resources, detailed how 2010 bonuses were being structured.
Fleming's comp package included $1.4M in cash, and nearly $4M in deferred cash; took over at brokerage in January
Danny Sarch is entitled to pursue his blatant commercial self-interest through his regular attacks on Morgan Stanley Smith Barney, but he is not entitled to make false statements. In addition to inaccurate calculations regarding cash deferrals, his claim that “nobody ever suggested” branch manager bonuses “would be in anything other than cash” is untrue. <a href=http://www.investmentnews.com/article/20110125/BLOG01/110129981> (Read Mr. Sarch's Jan. 21 posting.)</a>
Then: Brokerage commissions for trades were high with a client routinely paying more than $1,000 for a large equity transaction.
A Wirehouse Adviser, Regional Firm Broker, and a Boutique Firm Adviser are sitting with me for dinner. None of them are particularly happy with their current firms.
Things are looking decidedly gloomy once again for securities firms. Meredith Whitney predicts banks will pay out puny bonuses for 2010, then start laying off tens of thousands of workers.
UBS AG's retail-brokerage operations in the United States lost $63.8 million pretax in the second quarter, reversing a pretax profit of $14.3 million in the first three months of 2010.
Morgan Stanley, the sixth-largest U.S. bank by assets, has told some employees to expect investment banking bonuses to decline 10 percent to 30 percent, according to two people briefed on the matter.
In the clash of the two largest U.S. brokerages, Bank of America Merrill Lynch is generating more profit with fewer people than Morgan Stanley Smith Barney LLC.
Former Wall Street chieftains Philip Purcell and David Pottruck’s plan to snatch superstar brokers for a start-up advisory firm and independent broker-dealer is making significant strides as a top broker is preparing to leave the ruins of his old firm and go independent.
Signs are emerging that Wall Street is looking to staff up after a long, painful purge.
After Morgan Stanley took control of Smith Barney in May 2009 from Citigroup Inc., David Hopkins grew disillusioned with his new bosses.
Reaffirms independent broker-dealers' credit rating as 'stable'; brokerages could weather unexpected downturn
UBS AG, Switzerland's biggest bank, will probably report a fourth straight quarterly profit tomorrow and the lowest wealth management redemptions since 2008.
Sluggish recruiting and the continued slow migration of advisers to smaller firms has left the three biggest wirehouses either adding minimally to the work force or watching the head count drop
Morgan Stanley, owner of the world's largest brokerage, reported a third-quarter loss of 7 cents a share after writing down a stake in Revel Entertainment LLC, an Atlantic City casino project.
From giants such as Citigroup Inc. to small broker-dealers such as Pacific West Securities Inc., brokerage firms have kept their representatives in the dark about problematic details in investments.
A former broker at Merrill Lynch & Co. and Citigroup Inc. lost a bid to throw out his conviction for selling access to his brokerages' internal “squawk boxes” after arguing prosecutors hid evidence of his innocence.
