Economy

Brian T. Moynihan, who endured record losses and public thrashings while cleaning up Bank of America Corp.’s mortgage mess, said he wouldn’t mind being chief executive officer of the lender forever.

UBS still sees a “challenging environment” for its wealth management business as clients remain reluctant to invest on a large scale, Chairman Axel Weber said.

Manulife Asset Management has expanded its equity capabilities today.

Waddell & Reed has hired five new advisors, adding about 1,000 new household clients to the firm.

Joe Calabrese has left as president of Harris myCFO, one of the country’s largest multi-family offices.

Ed Riley and Jonathan Miller will lead a new team catering to ultra-high-net-worth clients.

Fast-growing JHS Capital Advisors has opened a new office in Baton Rouge, La. -- the company’s first in that state.

The firm has won over a $300 million team from UBS and its 10th recruit so far this year.

This latest addition follows RBC’s hiring of four Morgan Stanley advisors to the new San Diego office in November.

Despite a rally in the equity markets, February proved to be a lackluster month for Raymond James Financial.

A Financial Industry Regulatory Authority arbitration panel’s rejection of compensatory damages requests from both Morgan Stanley and one of its former brokers is the latest example of how deals for sign on bonuses can sour when a new position does not work out.

Merrill Lynch has promoted Mary Ann Bartels to serve as chief investment officer of portfolio strategies within its Investment Management and Guidance group.

Strong recruitment and help from the markets took the firm to new heights.

The Pasadena-Calif.-based bank decided to move its program because of Cetera’s technology platform, product menu, reporting capabilities and the training it provides advisors.

Headhunters say they believe the new plan, which will allow dually registered financial advisors with at least $100 million in discretionary client assets under management to retain 100% of their advisory fees, will help Raymond James retain and attract top hybrid advisors.

UBS’ latest hires come after Morgan Stanley hired several UBS advisors earlier this month.

Wells Fargo has hired 17 advisors to its standalone branches and added nine advisors to its independent brokerage business, Financial Network.

If approved by stockholders in LPL’s annual meeting in May, Mulcahy will also serve on the Board’s Audit Committee.

The firm continues to expand its presence in Florida with the addition of a second Wells Fargo broker.

Raymond James is going after more top advisors -- and it's changing its payout structure to do so.