Rick Weinberg

Rick
Weinberg
Articles
Pru to Admin Managers: Close Your Books
Prudential Securities informed its administrative managers at the beginning of the year that if they were also producing brokers, they were no longer
Pru Tells Admin Managers To Dump Books
Prudential Securities informed all of its administrative managers at the beginning of the year that if they were also producing brokers, they were no longer going to be paid commissions, according to sources.
UBS PaineWebber Cuts Bonuses, Expense Accounts
Brokers at UBS Securities received a double hit of bad news in early December. Not only were they informed that the bonuses they receive for assets under
Supreme Court Favors Arbitration in Brokerage Cases
The Supreme Court has reaffirmed its stance that the arbitration forum is the proper venue for deciding brokerage cases. The high court recently ruled unanimously that an arbitration forum—not a court—will decide when a claim against a brokerage firm is too late to be dealt with through arbitration.
PaineWebber Cuts Bonuses, Expense Accounts
Brokers at UBS PaineWebber received a double hit of bad news recently in this tough time for brokerages. Not only were they informed that the bonuses they receive for assets under control were being cut, but expense accounts are being trimmed as well.
Merrill Lynch Wins, Suit Dismissed by NASD Arbitration Panel
Merrill Lynch won the dismissal of a $10.4 million suit filed by an investor. A three-person NASD arbitration panel threw out a suit filed by Habib Monas,
Tables Turned on Schwab?
Merrill Lynch’s David Komansky must be having a laugh. On Tuesday, a suit was filed in Los Angeles Superior Court claiming that Schwab was guilty of running television and other ads that materially mislead investors.
Weill Postpones Elimination of Salomon Name
Sandy Weill, the chairman of Salomon Smith Barney’s parent Citigroup, has informed brokers and other employees that plans to eliminate the Salomon name, a Wall Street hallmark for nearly a century, have been postponed, according to sources.
Price Departs Pru
Jamie Price, who had been president of Prudential Securities’ private client group, has left the firm and is moving to UBS PaineWebber, where he will report to Mark Sutton, head of PaineWebber’s private client group. Pru is replacing Price with Michael Rice, who until now had served as the No. 2 man in Pru’s system as executive vice president and executive direction of the retail branch group worldwide.
Charles Schwab Accused of Its Own Conflict of Interest
When big brokerage firms were being accused of conflict-of-interest in research, Charles Schwab & Co. was quick to capitalize on its rivals' embarrassment with a string of ads proclaiming Schwab's independence.
Tripping Over Analysts' Feet. Or Your Own.
Every broker learns about the Prudent Man Rule when studying for the Series 7. That means, more or less, not to put all your eggs in one basket lest they
Morgan Stanley Firing 950 Brokers
Morgan Stanley is firing 950 brokers, according to the various sources. The firm refused comment, but a source familiar with the situation confirmed that
Wealth Management R Us! The Gnomes of Zurich to Drop Kick the PaineWebber Name
This is the latest century-old name to be dumped in an ever-changing industry where financial services companies are consolidating. Morgan Stanley dropped Dean Witter from its name earlier this year, and Citigroup plans to drop the name Salomon, leaving its U.S. brokerage unit as Smith Barney.
UBS PaineWebber to Hire 500 Brokers
UBS PaineWebber Chairman Joseph Grano announced that the firm is going to hire up to 500 brokers during the next year. Grano says the firm is taking advantage
Brokers Taking Hits from Surveys
Brokers continue to take hits for Wall Street’s research conflicts and the sluggish market, according to two recent polls that show investors are not seeking advice from brokers.
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