Financial institutions

Jefferies Group Inc. and Goldman Sachs Group Inc. led Wall Street’s largest securities firms in average compensation per employee at midyear, widening a lead over JPMorgan Chase & Co.

Did you ever wonder why the word "billion" seems to elicit a terrible feeling in your gut? Do you remember when a billion dollars seemed like so much money it was unattainable? Do you remember when a millionaire was considered really wealthy? Now, a millionaire is not rich and a billionaire must have done something evil to become one.

Following a difficult second quarter, the financial services firm will push to expand its lending operations.

State Street Corp., the third- largest custody bank, agreed to buy the hedge-fund administration unit of Goldman Sachs Group Inc. to boost growth as second-quarter revenue fell amid declining global markets and record low interest rates.

Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, reported second-quarter earnings that beat analysts’ estimates on higher asset-management revenue a gain from the firm’s own investments.

Thomas P. Fay oversees a team of wealth professionals geared to high-net-worth investors in Southeast New England.

BNY Mellon has hired Christopher Ross as a senior portfolio manager in its wealth management office in Washington, D.C.

In the span of 12 months, the Active Bear Exchange-Traded Fund (HDGE) has become a wirehouse darling.

An influx of assets and advisors have given a much needed boost to smaller, independent advisors.

J.P. Morgan Asset Management has added Robert Stark to lead its Strategy and Business Development unit. He will be based in New York and will be responsible for growing the firm’s Asset Management unit globally. He reports to David Brigstocke, chief financial officer.

Elite RIAs have achieved near-equal compensation with top-earning wirehouse advisors, according to research from Sanctuary Wealth Advisors.

Wells Fargo Advisors announced it has named Kent Christian, currently head of its financial services group, president of Wells Fargo Advisors Financial Network, the broker-dealer affiliate through which Wells Fargo Advisors supports independent financial advisors.

In the wake of Friday’s announcement of a surprise $2 billion trading loss, JP Morgan Chase Monday said it named Matt Zames its new chief investment officer. Ina Drew will retire.

The $2 billion loss not only helped proponents of a tougher Volcker Rule and punctured the myth of CEO Jamie Dimon's infallibility. It also strengthened calls from regulators like Tom Hoenig for stronger action against big banks.

JP Morgan Chase’s asset management unit posted net income of $386 million in the first quarter, a 17% decline from the year-ago quarter. But, the unit saw record assets under management of $1.4 trillion, up 4% from the prior year.

Goldman Sachs has agreed to pay a $22 million fine and accept other penalties to resolve charges from the SEC that the firm lacked adequate policies and procedures to address the risk that during weekly meetings, known as “huddles,” its analysts could share important non-public information about upcoming research changes.

A new report says wirehouses have boosted their average client age and created a threat to their own prospects for future growth.

Research firm Cerulli says high-net-worth investors are spreading their wealth among a variety of firms.

Advisors may still feel a bit awkward as well as worried about compliance when they use social media, but they’re definitely using it to build their brands and businesses, according to a new SourceMedia study.

Janney Montgomery Scott adds a pair of financial advisors from Wells Fargo Advisors and Morgan Stanley Smith Barney.