"I think the DoL rule has a disproportionate impact on the independent business, and that affected our decision-making," says Ron Kruszewski.

With core business down and adviser headcount shrinking, the brokerage nets a profit by selling non-essential divisions.

Lending and cost cutting helped drive net income higher during the recent quarter, the wirehouse reported.

The country's largest independent broker-dealer added 100 advisers in the second quarter.

Net revenues fell 2% in the second quarter compared to a year ago, according to the firm.

Profits rose 8% year-over-year at the bank's Global Wealth & Investment Management unit, which includes Merrill Lynch and U.S. Trust.

The number of financial advisers at the firm declines 1% to 15,042.

The acquisition hungry firm added nearly 800 independent and employee advisers over the previous year.

Earnings have been soft for the industry's biggest brokerages, but lending has helped bolster performance.

Stung by a 16% year-over-year decline in transaction-based revenue, the wirehouse looks to loans, bank products and a contingent of former Credit Suisse advisers for a bounce back.

The bank suffers net income declines, while volatility causes a slump in trading across the firm.

Despite a challenging operating environment, the broker-dealer’s earnings soar from the previous quarter.

Tidjane Thiam, seeking to reassure investors about his ability to turn around the troubled firm, pledged to continue efforts to cut costs.

The firm suffers declines due to below average market conditions, but sees growth in the rank and file.

The weak performance was due to challenging market conditions, which reduced assets under management and client activity, the bank's CFO said.