Wirehouses

It's the end of an era. Morgan Stanley announced its U.S. wealth management business, Morgan Stanley Smith Barney, has changed its name to Morgan Stanley Wealth Management.

Bank of America Merrill Lynch has named Morgan Stanley Smith Barney executive Michael Maghini to serve as head of insurance and annuities as the firm looks to capture more of the baby boomer market.

After the shock of 2008, investors had a generally sunny outlook: they were satisfied with their portfolios and their advisors and the firms that employed them. But that is no longer the case.

Morgan Stanley will pay cash bonuses to branch support employees at its Morgan Stanley Smith Barney unit who worked extra hours to remedy disruptions caused by a new computer system, a person briefed on the decision said.

The firm has poached two industry veterans from HSBC and Barclays as it looks to expand.

"We provide all the tools a broker needs to thrive," said Russell Gebhard, president of Sovereign Investment Group in Houston."If the advisor is successful, it's more than likely the clients will be, too."

Merrill Lynch Wealth Management has decided to increase its minimum equity trade fees to $75 from $50 following a year of research on how its pricing fits the market.

Tim Pawlenty, the former Republican governor of Minnesota who criticized Wall Street while running for president last year, is joining the Financial Services Roundtable as president and chief executive officer.

UBS AG had a culture that overlooked trading limits and other rules "as long as you were making money," according to Kweku Adoboli's lawyers.

Lloyd C. Blankfein, chief executive officer of Goldman Sachs Group Inc., said he would invest in real estate as central banks around the world focus on avoiding deflation.

Wall Street firms turned out in force Tuesday night to celebrate a political development that for some hit close to home: the one-year anniversary of the repeal of the "Don't ask, don't tell" policy for gays serving in the military.

Viniar, whose 12 years in the role make him the longest- serving CFO on Wall Street, will be succeeded by Harvey M. Schwartz, 48, one of three global co-heads from the sales and trading division, the New York-based bank said in a statement yesterday. Goldman Sachs will add Viniar, 57, as well as some independent directors to the 10-member board, the firm said.

William Steward, a former accountant in product control for UBS AG, said he began looking into trades by Kweku Adoboli in August 2011 after receiving a report of a $3.57 billion discrepancy.

Robert W. Baird & Co. has hired R. Parker Griffith from Morgan Stanley Smith Barney to manage its Nashville wealth management office and serve as financial advisor.

A Florida federal court rejected Merrill Lynch's petition to vacate an arbitration decision on Monday, clearing the way for two financial advisors to receive a $10.25 million awarded to them in April.

Citigroup Inc.'s $4.7 billion pretax writedown of its Morgan Stanley Smith Barney stake probably won't reduce a profit-sharing plan's award for Chief Executive Officer Vikram Pandit that could total $24 million.

J. Kevin Stophel has moved on after 13 years with the firm to establish an independent wealth practice partnered with Concert Advisor Services and Concert Wealth Management Inc.

Wells Fargo Advisors has tapped an executive from Citigroup and two of its existing leaders to serve in new senior leadership roles.

President Obama will likely win a second presidential term in November, but the election's outcome for policy and investing will likely not be as decisive, according to a research report released Wednesday by UBS Wealth Management Americas.

The U.S. Court of Appeals in Chicago today affirmed U.S. District Judge Robert Gettleman's decision last year to throw out the complaint filed against Merrill Lynch and Bank of America Corp. The Charlotte, North Carolina-based lender acquired the securities firm for $33 billion in 2009.