HSBC's net income for the first six months was down 29% at $7.7 billion, compared with $10.9 billion a year ago.
Adviser confidence in the economy and stock market dropped even further last month, according to Rydex AdvisorBenchmarking Inc.'s Advisor Confidence Index.
Merrill Lynch & Co. Inc's actions last week may well have marked the beginning of the end of the financial crisis that has gripped the economy for more than a year.
Jim Nagengast was named president of Securities America Inc., the broker-dealer unit of Securities America Financial Corp.
In the past two years, 53% of registered investment advisers bought or considered buying another advisory firm.
In another sign of a floundering economy, the unemployment rate vaulted to 5.7% in July.
The exchange posted a 21% increase in the second quarter but came in markedly below expectations.
The state of New York will bring legal action against Citigroup, accusing the bank of fraudulently selling auction rate securities and destroying documents that had been subpoenaed by the state.
The bank has outstanding liabilities of $100 million to $500 million and fewer than 50 creditors, according to the filing.
“The [SEC] emergency order will further constrain normal market operations," said the Managed Funds Assoc. president.
The state charged Merrill Lynch with fraud related to auction rate securities and settled a similar claim with UBS.
Deutsche Bank’s second-quarter net income fell 36% to $1 billion from $2.8 billion a year earlier.
The economy grew at an annual rate of 1.9% in the second quarter, a slower growth rate than had been expected.
A host of financial services companies reported their earnings today, with only one firm boasting black ink on its ledger.
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The Hartford Financial Services Group's second-quarter profits fell to $543 million or $1.73 per diluted share.
Insurance industry representatives and regulators could not agree on moving ahead with comprehensive reform legislation.
Second-quarter net income for asset manager rose 18.5% to $35.2 million from $29.7 million in the year-ago period.
Focus Financial has acquired Wespac, an Oakland, Calif.-based RIA and benefits administrator.
