A single UBS trader lost the bank $2 billion and was arrested on Thursday. The Swiss bank said it may have to report a loss in the third quarter as a result of the "unauthorized" trading by a London trader named Kweku Adoboli. The bank issued the...
The brutal hiring wars between the wirehouses continue. On September 2, Morgan Stanley Smith Barney hired 8 financial advisors away from Wells Fargo Advisors and Merrill Lynch representing $878 million in AUM and $9.5 million in trailing 12 months...
Bank of America confirmed that it would cut 30,000 jobs in a statement Monday morning. That number was rumored last week. These job cuts will apply to Phase 1 of the bank's cost-cutting plan, which covers business lines that do not include the...
An Aite Group report released Thursday suggested that FAs haven't really bought into the idea of cross-selling bank products to their clients--especially advisors who work at wirehouses controlled by banks and are not dependent on the bank for...
Rochdale Securities analyst Dick Bove, a regular on CNBC and about as press friendly as they come, sent around an email this morning to a number of journalists that showcased two recent calls he made that turned out to be right. Below is the...
Josh Brown, over at his blog Reformed Broker, has written an eloquent and to-the-point account of why Sallie Krawcheck had to leave: Making the bank/brokerage marriage work was an impossible job for anyone; basically, the model is broken and...
The North American Securities Administrators Association (NASAA) today sent a warning to investors that social media can make them an easy target for fraud. The advisory is available here.
"As people increasingly turn to online social network...
UBS may be cutting jobs but it’s still hiring financial advisors. The firm announced today that it would cut 3,500 jobs as part of a previously announced plan to cut costs by CHF 2 billion by the end of 2013. About 10 percent of those job cuts, or...
Wall Street's recruiting merry-go-round continues to spin at a furious pace, with each of the big wirehouse firms grabbing advisor recruits from its cross-town rivals. This time, Wells Fargo reeled in a sizeable catch, taking two teams and two...
During an average year, approximately $29.2 billion is lost to fraud in the United States, according to a Federal Trade Comission report conducted in 2007. Bernie Madoff's epic scam alone resulted in losses to investors of over $50 billion. And...
