Economy

Goldman Sachs Group Inc., which is scheduled to announce its new class of partners next week, has 407 members of that elite group, down 31 in about nine months, according to a company filing.

A win by Mitt Romney in tomorrow’s U.S. presidential election is more likely to boost Wall Street compensation than if voters re-elect President Barack Obama, according to a survey conducted by eFinancialCareers.

TD Ameritrade Institutional drew a record 441 breakaway brokers to its platform for independent registered investment advisors in fiscal 2012, a 27% increase from a year earlier.

Mid-sized banks that mostly let Wall Street and small firms speak for the industry during the debate over the Dodd-Frank Act have decided it’s time to carve out their own agenda in Washington.

Among the big deals this week: First Allied buys Legend from Waddell & Reed to form a firm with $28 billion under management.

Single-family offices are investing directly because of declining fund returns and concerns that some outside managers charge high fees and may have conflicts of interest

Pulling from Wells Fargo and Raymond James, the firm has added three advisors with over $200 million in AUM.

Wall Street turned to Bordeaux, sushi and faxes as Hurricane Sandy wreaked the most havoc in the history of the city’s transit system and closed stock markets on consecutive days for the first time for weather since 1888.

In any kind of “normal” flood, water would never reach 80 Pine St., a 39-story tower two blocks inland from the lower Manhattan waterfront, landlord William Rudin said. Last night, his Rudin Management Co. was pumping out the basement, and he was grateful the building manager and engineer weren’t seriously hurt when water poured in as they were shutting down steam lines and checking equipment.

Take care of your clients' futures as well as your own.

HighTower has gotten a big boost by working with independents. Can it keep up the momentum?

Largest independent broker-dealer increases assets under management and adds advisors, but revenues don't keep pace.

The firm has focused on making sure that its advisors in impacted areas are able to continue functioning normally.

Updated to include information about LPL. While the Northeast hunkered down yesterday waiting for Hurricane Sandy, it was pretty much business as usual for bank advisors—or at least for their clients.

As Hurricane Sandy moves in on the Northeast, firms such as Philadelphia-based Janney Montgomery Scott implement contingency plans to help advisors and clients.

As Hurricane Sandy makes landfall in the U.S., wealth management operations of major financial firms including Bank of America, Morgan Stanley and Wells Fargo have shut down certain offices to prepare for the storm, while keeping their advisors in touch with clients remotely.

UBS AG, Switzerland’s largest bank, will cut as many as 10,000 jobs companywide as the trading business shrinks, a person with knowledge of the plan said.

Citigroup Inc. and Goldman Sachs Group Inc. are among Wall Street firms planning to shift operations to other cities and have staff work from home as Hurricane Sandy’s arrival in New York forces evacuations.

Wells Fargo Advisors Financial Network has added four practices. With these advisors its independent brokerage arm, FiNet, has over 1,100 owners and advisors in more than 540 practices, with over $55.5 billion in assets under management.

Two investment teams from Merrill Lyncch have joined RBC's Leadwood, Kan., office.