Financial institutions

Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions.

The team caters to wealthy clients and athletes, and specializes in private placement life insurance.

The margin requirements apply to Merrill Lynch wealth management clients and individual traders using the Merrill Edge platform.

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

The results underscore the standout performance of the industry's largest firms in equities, a business where Europe’s banks have struggled to keep up in recent years.

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

Eaton Vance and E-Trade deals expected to boost the firm’s performance.