Economy

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.

Wall Street executives show a more conservative outlook toward their investments, but a majority still avoid a financial advisor.

Goldman Sachs Asset Management Andrew “Buddy” Donohue, the former head of the U.S. Security and Exchange Commission's Division of Investment Management as its deputy general counsel.

HighTower Advisors hired David Nelson as a private wealth advisor at its Washington, D.C., based Pagnato-Karp Group.

Chris Martin and Caryn Cosentini joined the team as senior vice presidents and senior private bankers.

A four-man team, the Nierling Investment Group, has joined RBC in Dallas, Texas.

Commonwealth Financial Network, the nation’s largest privately held independent broker-dealer, added Schluchter Investment Advisors, which manages more than $300 million in client assets.

During the first presidential debate, a Yahoo Finance poll found that 80% of voters believed Mitt Romney gave a stronger performance than President Obama. Blogger Jesse Marrus writes that among the praise and critiques of both candidates, one important question has emerged: what will happen to Wall Street if Romney wins in November?

Scott & Stringfellow has brought on three former Wells Fargo advisors to join its Charlotte office.

RBC has pulled an industry veteran from UBS to fill the position of branch director of its Burlington offices.

Wells Fargo has tapped firm executive Jim Hays to serve as executive vice president and head of wealth brokerage services.

Michael James, a former wealth strategist in Goldman Sachs' mid-Atlantic region, has joined the Philadelphia office of Glenmede, an independent investment and wealth management firm, as director of family wealth advisory.