Wirehouses

Banks are trying to catch up with the amenity-rich offices of tech firms.

The regional BD has maintained a steady influx of wirehouse advisors.

The firm said this is the first of several new teams it plans to add this summer.

“When we think about these offerings, there are no hard lines that are drawn here,” said Merrill Lynch boss Andy Sieg.

Brokers “have become accustomed to this kind of deal structure,” COO Ed Swenson says.

The firm had cut back on hiring efforts in 2016, citing exorbitant costs.

"You should buy into IPOs to hold them, because you believe in the company," James Gorman said.

CEO Sergio Ermotti has resisted pressure from some investors for large-scale layoffs, opting instead for smaller cuts with less impact on morale.

The regional BD has approximately 1,800 advisors.

The advisors are the latest in a string to jump from a wirehouse to a regional BD.

Across Wall Street, questions are flying about how the wirehouse has handled the biggest U.S. IPO of the past five years.

The RIA is the largest firm to depart the protocol in more than a year and a half.

The ride-hailing platform’s IPO may test how wealthy clients react if they don’t fare so well.

Advisors from rivals Merrill and Wells Fargo will join the firm. “Our recruiting pipeline is robust," an executive says.

Want to know what financial advisors can earn?

The changes follow a challenging first quarter for the firm’s wealth management operations.

The firm said earlier this year that it would deepen cost cuts.

The move will merge capital-markets teams across wealth management and the investment bank in the U.S.

Is there a lesson for other advisors considering a career change?

C. Allen Parker was interrupted more than a dozen times as he tried to deliver opening remarks at the bank's its annual meeting.