Wirehouses

Bank of America Corp.’s Lisa Shalett, who was chief investment officer for the firm’s Merrill Lynch brokerage for two and a half years, will leave the company.

Merrill Lynch financial advisor Charles Balducci says that partnering with Eric Snyder, who ties with him to take the number 12 and 11 slots on the Top 40 Under 40 list, is a critical part of his success.

Goldman Sachs Group Inc. President Gary Cohn said that Europe still faces “fundamental problems” and that policy makers don’t appear to have a plan for generating economic growth in the region’s southern nations.

UBS AG posted a second straight quarterly loss after booking a fine for trying to rig global interest rates and costs tied to job cuts.

For Wells Fargo Advisors Financial Network, offering financial advisors more choice in terms of how they want to practice helped propel the business to a record year in recruiting in 2012.

UBS financial advisor Gregory Klenke, number 13 on the Top 40 Under 40 list, says that working with corporate executives’ stock compensation requires careful planning and managing emotions.

Merrill Lynch financial advisor Goran Bojovski, number 14 on the Top 40 Under 40 list, says that focusing on corporate retirement plans helps him serve a range of clients.

The firm has hired the former head of Wells Fargo’s advisor development group to help open an office in the Northeast.

Morgan Stanley Wealth Management has snapped up five financial advisors from UBS who previously managed $750 million in client assets.

For J.P. Morgan Securities financial advisor James Odorczuk, who lands at number 16 on the Top 40 Under 40 list, making decisions on behalf of clients is a team effort.

A U.S. judge said the Internal Revenue Service can demand information from UBS AG about U.S. clients of Wegelin & Co., the Swiss bank that pleaded guilty this month to conspiring to help cheat the IRS.

Morgan Stanley financial advisor Jack Riley, number 17 on the Top 40 Under 40 List, says that offering well-rounded services to his corporate executive clients has helped bring him success.

Now that the layoff era is finally over for Wall Street, large financial institutions are beginning to grow their teams again. But they are not the only ones that are on the lookout for fresh talent.

Less than a week after announcing that it had nabbed a trio of Morgan Stanley advisors in Pennsylvania, Raymond James has added another Morgan Stanley team with more than $700,000 in production.

UBS financial advisor David Lugo, number 18 on the Top 40 Under 40 list, says that close community ties in Puerto Rico have helped foster the success of his practice.

Morgan Stanley financial advisor Michael Merlin, number 19 on the Top 40 Under 40 list, says that making listening to clients a priority gives him an advantage over other advisors.

Morgan Stanley, the biggest financial brokerage, will spend $500 million to improve computer systems after flaws in a previous upgrade frustrated the staff.

Morgan Stanley gave Chairman and Chief Executive Officer James Gorman a compensation package for 2012 that’s 30% less than his 2011 award, excluding a new incentive package, a person familiar with the decision said.

Morgan Stanley financial advisor Devin Condron, who lands at number 20 on the Top 40 Under 40 list, works to help younger members of ultra high net worth families understand everything from choosing a mortgage to donor-advised funds.

Morgan Stanley financial advisor Bruce Munster, number 21 on the Top 40 Under 40 list, says that sitting down with a local billionaire was a tipping point for understanding what wealthy clients want.