Regulators at the Securities and Exchange Commission issued a report to Congress on Tuesday that supports maintaining mark-to-market rules, rejecting a push from the banking industry to suspend the rules.Critics of the rules say the regulations mandate write-downs and don't reflect the true value of some assets, particularly mortgage-linked assets that could increase in value in time.The SEC said suspending the rules would weaken transparency and ultimately hurt investors and the capital markets.
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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.
July 15 -
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 -
Citi's wealth division was a relative bright spot in the bank's second quarter earnings report, with revenue up amid turbulent market conditions.
July 15