The U.S. Court of Appeals for the First Circuit in Boston is pushing for a settlement in Susan Rosenbergs discrimination case against Merrill Lynch. That case produced a landmark ruling by Federal District Judge Nancy Gertner, stating that...
Last year, not surprisingly, was the best year ever for brokers.Median production for retail brokers was a record $303,366 in 1997, and median W-2 earnings hit an all-time high of $119,010, according to data from the Securities Industry...
The proposed mergers of Canadas largest bank-owned brokerage houses are unsettling employees and wreaking havoc with the pay scale of firms throughout the country. A feeling of uncertainty among Canadian analysts, traders, branch managers and...
With the phase-in of its new computer system within the past two years, Edward Jones has increased the monthly cost of technology for reps to $1,300 from $900, Jones reps report. An additional $1,000 monthly cost is absorbed by the firm, according...
Merrill Lynch will begin providing investors with proprietary research on outside mutual funds.The research data will be similar in format to Lipper Analytical Services and Morningstar, according to Susan Thomson, a Merrill spokesperson. She says...
Companies like mine will have to compete through global brand names--much like Coke and Pepsi now compete.--Philip Purcell, Morgan Stanley Dean Witter CEOIf youre thirsty, youre never far from a can of Coke--whether you live in Chicago, London...
In a ruling that tests the limits of the know your customer rule, the Texas Supreme Court found that a broker isnt responsible for deciding whether a client is competent to make financial decisions. The unanimous opinion overturned a $2.3 million...
Merrill Lynch has begun a pilot program to encourage brokers to turn smaller accounts--$50,000 or less--over to a centralized service bureau at the firm, according to several brokers.The program has not been rolled out in all Merrill offices, reps...
The Securities Industry Conference on Arbitration (SICA), an advisory body to the self-regulatory organizations (SROs), has formed a committee to look into alternatives to SRO-sponsored arbitration.Gus Katsoris, professor of law at Fordham...
A federal grand jury in Tampa, Fla., has subpoenaed records of securities sales by NationsBank and its affiliates as part of an ongoing criminal investigation, according to two subpoenas.The subpoenas, issued by the U.S. District Court for the...
