Wirehouses

Recruiters question if the new compensation model will be enough to sway advisors.

The firm has modified payouts to encourage asset growth and will allow advisors to buy into company stock as part of a deferred compensation program.

Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over.

In the first half of 2012, bank and thrift holding companies generated $59.4 billion in wealth management income, down 6.6% from the year before.

Morgan Stanley Wealth Management has added eight financial advisors from rival firms Merrill Lynch and Barclays.

The New York City based wealth advisory firm appointed Lyle LaMothe as Non-Executive Chairman of the board and Greg Franks as a managing partner and president. Chris Lappas joined the firm as the chief operating officer.

Ronald Greenidge, the former UBS AG managing director fired for gross misconduct in his supervision of convicted trader Kweku Adoboli, sued the bank claiming it treated him more harshly than others because he’s black.

Gathering the information needed to make a career move and hiding that research from a current firm can be enough to make some advisors decide to forget it. That’s just where The Advisor Center, an anonymous online recruiting community that launches Monday, comes into play.

The average production at wirehouses is 40% higher than that of banks, and yet those advisors don't have an existing customer base. Why is that?

Merrill Lynch has snapped up 10 financial advisors from rival wirehouse firms who managed a total of $1.07 billion in assets and had $7.7 million in fees and commissions.

Morgan Stanley Chief Executive Officer James Gorman called on the investment bank’s employees to pressure U.S. lawmakers into reaching an agreement that averts the so-called fiscal cliff.

Long-time advisors Bill Duncan and Ziv Ohel joined Ameriprise in Deerfield, Ill.

Bank of America Corp. directors’ $20 million settlement of investor lawsuits over the purchase of Merrill Lynch & Co. is inadequate given the billions of dollars of harm the deal caused, objectors to the accord said.

Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is among the business leaders invited to the White House Wednesday as President Barack Obama seeks their support for his approach to addressing the fiscal cliff, according to two people familiar with the matter.

Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is among the executives scheduled to meet with U.S. House Republican leaders on the so- called “fiscal cliff,” according to a House aide.

UBS Wealth Management Americas has snagged a Merrill Lynch team in Cincinnati with more than $1 billion in client assets under management.

Former UBS AG trader Kweku Adoboli was sentenced to seven years in jail for fraud in relation to a $2.3 billion loss, the largest from unauthorized trading in British history.

Former UBS AG trader Kweku Adoboli was found guilty of fraud in relation to a $2.3 billion loss, the largest from unauthorized trading in British history. He was cleared on four counts of false accounting.

Bank of America Corp. Chief Executive Officer Brian T. Moynihan said his company’s business model that serves people and corporations is a proven winner based on the firm’s market share.

“I’m more optimistic by everything I’ve read,” Moynihan said today in London during a Bloomberg Television interview. Lawmakers are taking the matter “very seriously,” he said.