Wirehouses

A half-dozen top Goldman Sachs Group Inc. officials, including Chief Executive Officer Lloyd C. Blankfein and President Gary D. Cohn, reaped $14.6 million by exercising 10-year-old stock options due to expire next month.

Merrill Lynch Wealth Management has snapped up a Morgan Stanley advisor team managing about $2.5 billion in client assets to its Private Banking and Investments Group.

Bank of America Merrill Lynch has promoted Keith Glenfield to head of the firm’s Alternative Investments Group, as the firm seeks to expand its growth when it comes to hedge funds, private equity and other alternative investments.

Morgan Stanley reported on Thursday that its global wealth management business saw it pre-tax income fall to $239 million, down from $356 million one year ago, and net revenue of $3.34 billion, up from $3.23 billion in the third quarter of 2011, as the firm closed its acquisition of the next stake in the Smith Barney joint venture.

Greg Smith, the former Goldman Sachs Group Inc. salesman who publicly accused the firm of ripping off its clients, was denied a raise and a promotion in the weeks before he resigned in March, documents provided by Goldman show.

Compared to other types of advisors, 40% of wealthy investors in that range were likely to choose a full services brokerage (such as a wirehouse or regional broker-dealer) over another advisor such as an RIA or accountant.

Bank of America Corp., the second- largest U.S. lender, said third-quarter profit dropped 95 percent on litigation expenses and an accounting charge tied to the firm’s debt.

Seven advisors have joined Baird’s wealth management group in Texas, Maryland and Nebraska in a late summer round of recruiting.

Wells Fargo & Co., the biggest U.S. home lender, is restructuring sales and trading operations to form a new markets division at its investment bank as the firm challenges more established Wall Street rivals.

Wells Fargo & Co., the most valuable U.S. bank and largest mortgage lender, dropped 4% in New York trading after reporting a record third-quarter profit that was marred by narrower profit margins.

Goldman Sachs President Gary Cohn told Bloomberg Television's that he will "probably read" Greg Smith's tell-all book, "Why I Left Goldman Sachs," which comes out Oct. 22.

Wall Street executives show a more conservative outlook toward their investments, but a majority still avoid a financial advisor.

Goldman Sachs Asset Management Andrew “Buddy” Donohue, the former head of the U.S. Security and Exchange Commission's Division of Investment Management as its deputy general counsel.

HighTower Advisors hired David Nelson as a private wealth advisor at its Washington, D.C., based Pagnato-Karp Group.

A four-man team, the Nierling Investment Group, has joined RBC in Dallas, Texas.

During the first presidential debate, a Yahoo Finance poll found that 80% of voters believed Mitt Romney gave a stronger performance than President Obama. Blogger Jesse Marrus writes that among the praise and critiques of both candidates, one important question has emerged: what will happen to Wall Street if Romney wins in November?

Scott & Stringfellow has brought on three former Wells Fargo advisors to join its Charlotte office.

Wells Fargo has tapped firm executive Jim Hays to serve as executive vice president and head of wealth brokerage services.

RBC Wealth Management has snapped up a three-member wealth management team from Merrill Lynch in Colorado.

As Merrill Lynch intensifies its hunt to grab top financial advisory talent away from Morgan Stanley, some recruiters say more Morgan Stanley advisors are considering a transition.