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The wirehouse pulled over four advisors from rivals Merrill Lynch and Morgan Stanley.

FINRA slammed the firms for failing to apply sales charge discounts to customers' purchases of unit investment trusts. Seven of the 12 were bank broker-dealers or TPM firms.

Instead of investing his clients' funds, Michael Donnelly used the money to pay for his own rent, car payments, golf club membership dues and his children’s private school tuition, the SEC said.

Bank of New York Mellon, the world’s second- largest custody bank, reported a third-quarter profit that beat analysts’ estimates as the company cut expenses to offset the impact of lower interest rates.

The community bank saw Raymond James' financial services and resources as fitting well with its customer-focused strategy.

The German bank has faced questions and criticism in recent years about its internal controls.

Assets under management at Pimco in September experienced the smallest percentage drop since co-founder Bill Gross departed.

These funds are only for the true long-term investors; nervous sellers need not apply.

After buying the B-D just last year, a major loss is possible as RCS looks to avoid defaulting on its debt, sources say.

They can help reduce the tax drag of required minimum distributions.