Wirehouse Firms
Learn the ins and outs of the wirehouse channel, including news, analysis and more on Bank of America-Merrill, Morgan Stanley, Wells Fargo and UBS.
BofA to Slash 30,000 Jobs, $5 Billion a Year in Costs
By Janet LevauxBofA's restructuring comes six days after Sallie Krawcheck was let go as head of wealth management, but company says it will continue to hire FAs.
September 01, 2011
Raymond James Upbeat on RecruitingRaymond James Financial reported net income of $46.8 million, or $0.37 per share, for the period ended June 30 vs. income of $60.7 million, or $0.48 per…
September 01, 2011
Scramble for AssetsThough industry efforts will likely serve to soften the Dodd-Frank Wall Street Reform & Consumer Protection Act that President Obama signed into law…
September 01, 2011
Q2 ’11 Earnings: Mixed Wirehouse Results as Wealth-Management Units Improve SalesBank of America said it had a net loss of $8.8 billion, or $0.90 per share, for the second quarter, compared with net income of $3.1 billion, or $0.27…
August 31, 2011
BofA Adds 38 Advisors to Merrill EdgeBank of America has hired 38 Merrill Edge advisors serving mass-affluent clients in and around Washington, D.C., Baltimore and Philadelphia. The hiring is part of BofA-Merrills plan to nearly double the number of Financial Solutions Advisors to 1,000-plus by year-end.
August 29, 2011
BofA Sells Half Its Stake in Chinese Bank for $8.3 BillionBank of America said Monday it was selling about 13 billion common shares, or 5%, of China Construction Bank to a group of investors for some $8.3 billion in cash and an after-tax gain of $3.3 billion.
August 26, 2011
Advisors Upbeat, With Wirehouse FAs Likely to Switch Firms: Top RecruiterIn the face of intense market volatility, financial advisors are surprisingly upbeat about the future of their businesses, executive recruiter Mark Elzweig, president Mark Elzweig Co., tells AdvisorOne.
August 25, 2011
Buffett Puts $5 Billion Into BofA, Draws CriticismBank of America said Thursday that it was selling 50,000 shares of preferred stock with a liquidation value of $100,000 per share and a dividend that pays 6% per year to Berkshire Hathaway.