Wirehouses

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.

Wells Fargo has extended its summer hiring spree with 24 new financial advisor hires managing a total of $2.2 billion in assets.

More than half (55%) of Americans age 53 – 65 say they plan to continue working full-time as long as their health permits, up from 51% last year.

Wall Street firms must slash pay and headcount and shed almost a third of their trading-business assets to earn even half the returns they once made, according to Sanford C. Bernstein analysts.

The annual promotions, which take effect Jan. 1, come one day after New York-based Goldman Sachs named 70 people to its so-called partnership, the fewest since the firm became a public company in 1999. Partners, also called participating managing directors, receive a higher salary than managing directors and share in a special bonus pool.

Goldman Sachs Group Inc. named 70 employees to join its so-called partnership, the fewest in the firm’s 13 years as a public company, as sluggish revenue growth pressures expenses.

Sovereign Investment Group, a Texas independent wealth management firm, announced Wednesday it hired Michael Koletar as a senior vice president of investments for its wealth management team.

Merrill Lynch has added industry veteran Daniel Sandlin from Morgan Stanley.

The firm has added a team with over $500 million in production to its southern California offices.

Despite the volatility of the last few years and the continued economic malaise in much of the developed world, global stocks are still attractive, according to executives at Morgan Stanley.

Bank of America Corp. salespeople assigned to the world’s biggest stock portfolio managers were given new orders by their boss in September: attend at least 30 meetings a month with clients, or else.