Both revenue and adviser head count increased, and Andy Sieg, president of Merrill Lynch Wealth Management, attributed the strong results partly to the firm's advisers.
Net interest income rose 24% in the third quarter as the bank reaps the benefits of the Fed's interest rate hikes.
The firm is assessing its head count, CEO James Gorman suggested on an earnings conference call.
The wealth management group attracted $65 billion in net new asset during the quarter, pushing the total this year to $260 billion.
The wirehouse employed a total of 12,011 financial advisers at the end of September, a loss of 173 advisers in Q3.
Alexander Guiliano is launching Resonate Wealth in Ridgewood, New Jersey, along with two staffers.
It's the second time in as many weeks that Finra has penalized a firm for such trading problems.
The firm is positioning Merrill Advisor Match as a modern solution for investors who are looking for financial advice.
Three plan participants are suing the bank, alleging that it overpaid for company stock in its employees’ retirement plan.
Three make the switch in New York City and two will be based in Paramus, New Jersey.
In court documents, the SEC described at least a few senior managers at each firm who engaged in rampant texting with colleagues and clients.
The penalties levied against firms including Citigroup, Bank of America and Goldman Sachs constitute the largest-ever penalties against US banks for record-keeping lapses.
Richard M. Crabtree, who was based in Annapolis, Maryland, began defrauding a client in 2016, according to the agency.
It's been win some, lose some for UBS as it defends its complex options strategy, but lately investors seem to be prevailing more.
It's back to an 'organic plan' for the bank's wealth management business in the United States, says Iqbal Khan, co-president of UBS Global Wealth Management.
The bank remains committed to turning itself around after a series of scandals, but implementing all its plans will take time, Scharf said in prepared testimony for a congressional committee hearing.
After its spate of acquisitions, Morgan Stanley now has relationships with 16.5 million clients, Andy Saperstein, its head of wealth management, points out.
Kim Garrison is moving to the firm's employee channel in Springfield, Missouri.
The announcement that the bank hired law firm Covington & Burling to do an assessment comes as CEO Scharf prepares to appear at a pair of congressional hearings.
The firm becomes a founding sponsor of the Center for Financial Planning, whose mission is to build a more inclusive talent pipeline.
