Finance

Despite the continuing smaller financial advisor headcount at the wirehouse, it reeled in record profits and unveiled its latest plans for further expansion.

Though the Providence, Rhode Island, bank is in the midst of three deals, CEO Bruce Van Saun said it remains on the lookout for other nonbank purchases that could help boost fee income and generate cross-selling opportunities.

The giant custodian unveiled a new turnkey asset management and technology platform it says will boost its market share among RIAs and other advisory firms.

The brokerage now manages $7.61 trillion across its retail and RIA custody businesses.

CEO David Solomon sees opportunity in the industry for further acquisitions and organic growth after the firm’s significant pivot in the last two years.

The bank’s wealth management unit has “underinvested” in its online and independent divisions, CEO Charlie Scharf said.

Bank of America beat 3Q Wall Street forecasts as it moves to ‘pre-pandemic pace.’

James Gorman says the wealth manager is seeing much better retention and recruiting due to its “multiple channels of growth” after several acquisitions.

The higher number of brokers in two of the megabank’s largest business segments reeled in higher client assets based on equity values and inflows.

While a host of factors are at play behind the bond-stock relationship, one thing that links them together is the perception of growth.