Finance

A team that has grown through acquisitions dropped the No. 1 IBD after the institution purchased another one for more than $600 million.

The explosive growth in retail day-trading, powered by platforms like Robinhood and forums like wallstreetbets, has turned the old order on its head.

The firm said high volume may have curtailed access to its mobile app and urged clients to use its other platforms.

The quant manager has been warning for years that investor objectives are going to be increasingly hard to meet amid “soberingly low” gains.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

The results underscore the standout performance of the industry's largest firms in equities, a business where Europe’s banks have struggled to keep up in recent years.

BNY Mellon’s custodian is growing, even as it loses some major clients amid industry consolidation.

The top 20 carried an average expense ratio of more than three times the broader industry.

Eaton Vance and E-Trade deals expected to boost the firm’s performance.

Client acquisition was down compared to 2019, but still higher than in years past.