Financial institutions

As Merrill Lynch intensifies its hunt to grab top financial advisory talent away from Morgan Stanley, some recruiters say more Morgan Stanley advisors are considering a transition.

The firm has shuffled leadership in the Southeast to accommodate a new regional manager and additional recruits.

Since it was formed last year, Citi Private Bank's North America Asian Clients Group has increased its client base by 10percent and its assets under management by over 40 percent.

Following an annual review, the Minneapolis, Minn.-based firm is rolling out several changes in its payout structure as it moves away from a deferred compensation contribution model.

Wirehouses are set to lose 7% market share in the next three years, according to a report released Monday by Cerulli Associates. "These survey findings indicate a shifting advisor base between channels, with a lot of activity moving away from the wirehouse firms," Bing Waldert, director at Cerulli, said in a press release.

Citi Private Bank has hired foreign exchange trading expert Oscar G. Salem as director and foreign exchange investment specialist. In this newly created position, Salem will oversee the bank's currency business in the Southwest region.

To attract clients, brokerage firms should be offering a mix of in-person as well as online, self-directed investing and retirement planning options, according to a recent report by Aite group.

Do you know a branch manager who deserves recognition for a job well done? On Wall Street and sponsor New York Life/MainStay Investments are now accepting nominations for the annual branch manager awards honoring the best leaders in the wirehouse and regional wealth management firms.

Bank of America said Friday it would pay $2.43 billion to settle a shareholder lawsuit over its purchase of Merrill Lynch, in an expensive effort to resolve one of many problems it faces from the financial crisis.

The Birmingham, Ala., regional banking company has quietly consolidated its investment-related groups under one wealth management group. The restructuring was partly spurred by the company's sale of Morgan Keegan earlier this year.

For planners who specialize in assisting members of the military, the job often feels like a calling.

Two Morgan Stanley financial advisors moved to Wells Fargo's independent brokerage arm in Maryland this week, taking advantage of a career path that one recruiter describes as the best of both the independent and wirehouse channels.

As part of a study into conflicts of interest at broker-dealers, regulators concluded that confidential information should be better protected.

Bank of America Corp. agreed to a $2.43 billion settlement with investors who suffered losses during its acquisition of Merrill Lynch & Co., resolving one of the biggest legal battles to stem from the takeover.

Goldman Sachs will pay $12 million to settle charges it made undisclosed contributions to a former Massachusetts state treasurer in violation of "pay-to-play" rules.

Kweku Adoboli's co-workers knew he was making fictitious trades, the former UBS AG banker told an attorney who interviewed him on the night of his arrest in September 2011.

Firms come and firms go, but there has to be a bit of nostalgia for Smith Barney.

It's the end of an era. Morgan Stanley announced its U.S. wealth management business, Morgan Stanley Smith Barney, has changed its name to Morgan Stanley Wealth Management.

Bank of America Merrill Lynch has named Morgan Stanley Smith Barney executive Michael Maghini to serve as head of insurance and annuities as the firm looks to capture more of the baby boomer market.

JHS Capital Advisors opens a new office with Mark Hennings as Branch Manager and advisor