Surprise departure of Citigroup boss leaves Richard Bové flummoxed
Says newfound focus on wealthier clients alienating reps; breakaways on the rise
Morgan Stanley plans to purchase another 14% stake in Morgan Stanley Smith Barney LLC — the brokerage joint venture the firm formed with Citigroup in 2009.
Finra has expelled a securities outfit for allegedly lying to — and defying — the SEC. One claim: the firm's CEO was barred from running the brokerage, but continued to do so anyway.
Headhunters say rivals are stepping up efforts to recruit Morgan Stanley reps. But will they succeed?
Bank of America on Friday agreed to a $2.43B shareholder settlement over the acquisition of Merrill Lynch. It's unclear if this bodes well for ex-reps who are suing the brokerage for deferred comp.
Move is part of cost-cutting but adviser job cuts remain a question.
