Economy

Greg Smith, the former Goldman Sachs Group Inc. salesman who publicly accused the firm of ripping off its clients, was denied a raise and a promotion in the weeks before he resigned in March, documents provided by Goldman show.

Royal Bank of Canada will probably miss its 2015 target of C$2 billion ($2 billion) in annual earnings from asset management because of low interest rates, executive George Lewis said.

Compared to other types of advisors, 40% of wealthy investors in that range were likely to choose a full services brokerage (such as a wirehouse or regional broker-dealer) over another advisor such as an RIA or accountant.

A team of six financial advisors have left Prudential to form Capstone Affluent Strategies, an independent wealth manager that has partnered with LPL Financial.

The regional bank plans to substantially strengthen its western footprint with new advisors in Oregon, Washington, California and Nevada.

Bank of America Corp., the second- largest U.S. lender, said third-quarter profit dropped 95 percent on litigation expenses and an accounting charge tied to the firm’s debt.

Janney’s 32nd hire in their private client group this year, George Keith will be complex manager in Darien, Conn.

Seven advisors have joined Baird’s wealth management group in Texas, Maryland and Nebraska in a late summer round of recruiting.

Wells Fargo & Co., the biggest U.S. home lender, is restructuring sales and trading operations to form a new markets division at its investment bank as the firm challenges more established Wall Street rivals.

Southwest Securities has hired J.C. Graham as part of its latest recruitment campaign.

Risk Paradigm Group, an independent wealth and asset management firm, announced Monday that a three-person advisor team from Morgan Stanley Wealth Management will join the firm.

As Raymond James Financial Chief Executive Paul Reilly looks to the future, he sees more diversity in the firm’s workforce, particularly when it comes to female and younger financial advisors.

Webster Bank has recruited Daniel FitzPatrick from BNY Mellon Wealth Management to lead its recently launched private bank.

Raymond James’ acquisition of Morgan Keegan this year has injected an unprecedented number of new financial advisors into the firm’s ranks, while it continues to see interest from high profile prospective recruits from rival wealth management firms, according to Dennis Zank, chief operating officer at Raymond James.

Wells Fargo & Co., the most valuable U.S. bank and largest mortgage lender, dropped 4% in New York trading after reporting a record third-quarter profit that was marred by narrower profit margins.

Capital Guardian LLC, a Charlotte, N.C., based boutique wealth manager, announced Tuesday it added a former LPL Financial team to its independent channel.

Goldman Sachs President Gary Cohn told Bloomberg Television's that he will "probably read" Greg Smith's tell-all book, "Why I Left Goldman Sachs," which comes out Oct. 22.

The SunTrust affiliate names a firm veteran, Thomas M. Carroll, as the new chief.

Citi expects new banker to play a key role in growing its franchise in Northern California and reaching more ultra-high-net-worth clients.

Focus Financial Partners, LLC, the nation’s largest partnership of independent wealth management firms announced the acquisition of Vestor Capital Partners, LLC.