JPMorgan Chase & Co. said Friday it earned $3.28 billion in the last three months of 2009, extending a winning streak for big U.S. banks.
The independent broker-dealer industry took a giant step backward last year, with the largest 25 firms collectively reporting a 10.3% drop in gross revenue.
Right now, defections to other firms aren't that common. But the big Wall Street firms could soon see an exodus of top-level brokers
Large adviser teams at wirehouses control, on average, 80% of their firm's assets, and about a third of the industry's total adviser-managed assets, according to Cerulli Associates Inc.
Provisions in legislation aimed at “too-big-to-fail” financial firms will increase borrowing costs for large institutions — and will make it harder to get secured lending, according to financial industry officials.
The scent of money that drew many professionals to jobs on Wall Street has been dissipating, according to a survey of out-of-work finance folk.
Bank of America is having such a hard time finding a new CEO that some analysts are wondering if Ken Lewis might have to stay past his planned Dec. 31 departure.
Easygoing Charles Johnston does not have the celebrity star power of the executives who run the other brokerage houses on Wall Street.
After a decade of pushing fee-based services, Wall Street is slashing and burning the infrastructure that has supported the business.
The broker recruiting wars are heating up, with wirehouses jacking up their offers to new heights to lure more representatives in 2010.
The broker attrition at Morgan Stanley Smith Barney LLC is slowing down, according to Charles Johnston, its president and chief operating officer.
The following is an edited transcript of the round-table discussion. It was moderated by <i>InvestmentNews</i> deputy editor Evan Cooper and reporter David Hoffman.
They used to ride desks and flog stocks, but now some Wall Street refugees are choosing to walk a beat and chase bad guys.
Big bonuses could be back in store for some top executives and traders on Wall Street as profitability returned to the investment banking industry in 2009, according to a new study released Thursday.
The number of financial advisers fleeing large brokerages appears to be slowing, as many wirehouse reps are staying put — for now — or joining another wirehouse.
Beacon Pointe Advisors of Newport Beach, Calif., a wealth management firm with $4 billion in assets that caters to high-net-worth individuals, is looking to bolster its business with wirehouse castoffs.
A prominent wirehouse rep and his Hawaii-based team — <a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090929/FREE/909299980&ht=choy>who rather suddenly left</a> Merrill Lynch & Co. Inc. in September — have formed a new advisory firm.
A former broker at Prudential Securities Inc. charged with fraudulently trading mutual funds for millions of dollars in commissions has been sentenced to two months in a halfway house.
The Charles Schwab Corp. said its campaign to help wirehouse brokers become independent investment advisers is picking up speed at summer's end.
