Every rep loves American Funds: The fund family—the nation’s largest, with $1 trillion in assets—offers decent performance for relatively inexpensive fees.

While Smith Barney tries its darnedest to hold on to the money of wealthy clients that were invested in two of the firms’ failing hedge funds (subscription required), it’s also having a hard time keeping some of its best brokers. With...

In case you missed it this weekend, here is a story from the New York Times that seems pretty much right on the money.

Bank of America posted a whopping 77-percent drop in first quarter net income today, down to $1.21 billion, or 23 cents a share. The sharp drop in earnings was the result of $1.9 billion in write-downs for the quarter—$1.47 billion on...

Citigroup reported a net loss of $5.1 billion or $1.02 per share, $0.07 per share worse than consensus analyst expectations, according to Thomson Financial. Unlike, say, Merrill Lynch, Smith Barney’s Global Wealth Management unit (retail...

Merrill Lynch’s streak continues. The Wall Street giant posted a first quarter net loss of $1.97 billion, primarily due to net write-downs totaling $1.5 billion related to collateralized-debt obligations (CDOs). This is the third quarter in...

It seems GunnAllen has another embarrassment on its hands: Seven investors who say they were the victims of a Ponzi scheme by Frank Bluestein, a former GunnAllen rep, have filed an arbitration claim against the Tampa firm.

Bear Stearns can’t seem to go down quietly. The firm is facing a number of lawsuits filed by employees, investors and possibly even civil charges courtesy of the SEC.

Cliff Popper, the flashy former Brookstreet Securities broker/trader at the center of the California firm's August collapse, is now suing his old clearing firm, National Financial Services (NFS), for $36 million in damages.

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