Wirehouses

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.

Shelley O’Connor, who co-led the unit with Andy Saperstein, will now oversee two bank entities.

The advisors join from Merrill Lynch, Raymond James, U.S. Bancorp and Investment Professionals.

On Wall Street analyzes starting payouts at leading wealth management firms.

The recruits joined from Merrill Lynch, Wells Fargo Advisors, SunTrust and Snowden Lane Partners.

The company’s acquisition will allow it to target prospective clients who are still in the wealth creation phase of life, says CEO James Gorman.