Charles Schwab has gained a foothold in the Canadian market. Schwab announced Dec. 14 it has acquired privately-owned Priority Brokerage and Porthmeor Securities, both of Toronto. Paul Bates, president and ceo of the two widely held firms, will stay on as president and ceo of the combined firm, to be renamed Charles Schwab Canada. David Pottruck, president and ceo of the San Francisco based parent, said Canada is an established market that represents immediate and long term opportunities for Schwab. The acquisition, for an undisclosed price, is subject to regulatory approval.
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Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
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The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
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The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
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But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
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The accusations led to the end of 16 years at the firm.
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In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15