Financial institutions

Net income in Stifel’s wealth management division rose almost a quarter from last year as the firm announced it had purchased KBW for $575 million.

The new hires join eight of Barclays’ offices in the U.S. from firms including Bank of America Merrill Lynch, Credit Suisse, J.P. Morgan Private Bank, Morgan Stanley Wealth Management, SunTrust Investment Services and UBS Financial Services.

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.

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.

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.

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

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

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.

The firm hopes that Karein Heintz can help grow its presence in the twin cities.

Picked up in a renewed focus on recruiting, Mark Teed joins Raymond James in Massachusetts.

A three-decade industry vet, David Upin, joins as senior vice president in Minneapolis.

At Raymond James, costs from the Morgan Keegan integration caused profits to decline in the fourth quarter.