Wirehouses

The margin requirements apply to Merrill Lynch wealth management clients and individual traders using the Merrill Edge platform.

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

The results underscore the standout performance of the industry's largest firms in equities, a business where Europe’s banks have struggled to keep up in recent years.

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

Eaton Vance and E-Trade deals expected to boost the firm’s performance.

The ex-Morgan Stanley and Merrill Lynch advisors join the wealth manager, which has been aggressively recruiting in recent months.

Client acquisition was down compared to 2019, but still higher than in years past.

In the first wave of cases under the regulator’s self-reporting initiative, it garnered more than $2.7 million in payments of restitution plus interest.