Economy

Gorman, who owns about $31 million of his firm’s stock, has a Morgan Stanley private wealth advisor and his personal investments include municipal bonds and a biotech fund, while he favors global equities for his children’s accounts.

The firm has expanded in Texas with the addition of a team of three former Merrill Lynch advisors.

Bank of America Corp.’s Merrill Lynch unit must face a lawsuit filed by two trusts that hold and administer mortgages on behalf of investors who own more than $1 billion worth of securities collateralized by the loans.

The Tupelo, Miss.-based financial holding company selected Infinex Financial Group to manage its investment services program.

Umpqua Holdings' agreement to buy Sterling Financial is the latest in a series of deals this year to pair similarly sized banks, creating a new crop of midsize financial institutions.

For almost nine years, the firm has been lending to companies with ratings in the B to BB+ range, below the investment-grade threshold, the employee claims.

Morgan Stanley will get another $57 billion of deposits from Citigroup as part of its Smith Barney purchase and plans to increase securities lending, commercial real estate, corporate and warehouse lending.

The Index wanted a higher-priced stock to help give financials a greater weighting.

Bank of America Merrill Lynch will pay $2.8 million to settle claims that it took too long to compensate departing brokers.

Morgan Stanley Chief Executive Officer James Gorman said there’s almost no chance of another financial crisis like the one that endangered his firm five years ago.

Larry Roth, former president and chief executive officer of Advisor Group, one of the country’s largest networks of independent broker-dealers, is joining Realty Capital Securities, a major broker-dealer and wholesaler of real estate investment trusts, as chief executive officer.

The bank’s new chief investment strategist is assessing the product platform and is looking to expand Webster’s investment offerings.

In a round of summer hiring, the firm brought in four advisors with a total of over $500 million in assets.

Bank of America is seeking approval of a $160 million settlement from a judge who thrice rejected requests by black financial advisers at its Merrill Lynch unit to sue as a group over alleged racial discrimination.

A 43% increase in assets under management helped the brokerage unit net a profit after spending 2012 in the red.

As summer comes to a close, we're taking a look back at some of the hottest stories this season. Whether you were on vacation or busy working -- maybe you just finally have time to catch up on reading over the long weekend -- we've gathered the summer's top stories all in one place.

As summer comes to a close, we're taking a look back at some of the hottest stories this season. Whether you were on vacation or busy working -- maybe you just finally have time to catch up on reading over the long weekend -- we've gathered the summer's top stories all in one place.

LPL is shuttering NestWise, the once-hyped unit that was launched just last year to serve less affluent customers, and has laid off 40 NestWise employees.

To do so, the country’s largest independent broker dealer expects to have a portal up and running, probably under the name AdvisorHarmony, as early as next year that will allow advisors to sift through potential partners on their own.

John Hancock Financial Network has rebranded under the name Signator Investors, as a sign to advisors of its commitment to grow the advisory side of its business.