News

Just over six months after he was named the new leader of Citi Global Wealth Management, Michael Corbat is bouncing to another post. Today, the firm named Corbat CEO of Citi Holdings.

Wall Street types might be wise to eat their own cooking. For more, go to VonAldo.com, the new blog by David A. Geracioti, Registered Rep. editor-in-chief.

In today’s Investor’s Business Daily, there is a wonderful quotation from a bank CEO that, I think, neatly sums up the problem caused by an activist government. Please go to VonAldo.com for more.

AIG announced its plan to sell its independent broker/dealers back around October 2008. Six months later, nothing has changed—except that reps we spoke to are even more frustrated. Some say they are ready to bolt...

Bank of America was the number one bank brokerage again in 2008, according to the Bank Insurance Market Research Group (BIMRG). BofA brokerage posted $1,792.9 million in “investment income” in 2008—way ahead of the second-largest...

You know times are tough when recruiting deals are dropping across the board at major b/ds. Sometimes that trailing 12-month bonus is more like trailing three.

FINRA recently awarded $100,000 to baseball broadcaster Tim McCarver related to his losses on Morgan Keegan mutual funds. McCarver invested $400,000 in four closed-end mutual funds and one open-end fund. The funds suffered from the meltdown in...

This week, Stifel Nicolaus announced it was buying 55 UBS wealth management branches spread across 24 states, which include $15 billion in assets under management, 320 reps and over $100 million in revenue. The St. Louis regional b/d will make an...

Will the Public-Private Investment Program (PPIF) announced today by Treasury Secretary Timothy Geithner work or won’t it? If you listen to former Treasury Secretary Paulson’s chief of staff, the PPIF won’t work—Paulson and...

What should you do when you want someone else’s money? If you’re Congress, you tax the heck out of them until they’ve got close to nothing left. Last week, the House approved a 90 percent tax on bonuses paid to AIG employees and...