Elsewhere on Monday, Professor Stanley Wells, chairman of The Shakespeare Birthplace Trust, unveiled a newly identified portrait of the Bard.
The lead managing underwriters were UBS Investment Bank, BofA Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo Securities.
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It shipped its first product in 2006 and now has more than 3, 200 customers around the world, including Aetna, Visa, Morgan Stanley and Wells Fargo.
Under Dodd-Frank reform there has been plenty of debate about whether all financial advisors including ones working at big wirehouse firms like Merrill Lynch, Morgan Stanley, Wells Fargo and UBS should operate under the fiduciary standard.
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With the big banks (JP Morgan, Morgan Stanley, Wells Fargo, etc) investing in tax lien certificates, rates that were in the low teens just 3-4 years ago are now bid down to 0-0.25% due to intense competition as your article states.
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Talk to enough brokers at the big boys: Merrill, JP Morgan, Morgan Stanley, Wells Fargo, and you hear the difficulties of finding new clients.
FORBES: Sharing Commissions Gets Stockbroker Tossed From Industry
What lessons or warnings are provided to those who supervise at the likes of Merrill Lynch, Morgan Stanley, Wells Fargo, UBS, or JP Morgan?
Retail brokerage units Bank Of America Merrill Lynch, Morgan Stanley Wealth Management, Wells Fargo Advisors and UBS Wealth Management have been losing client assets to regional and independent advisory firms across the country and that trend is going to continue over the next three years.
UBS, Morgan Stanley, Merrill Lynch, Wells Fargo, and others have all suffered reverses.
FORBES: Former Morgan Stanley Smith Barney Employee Wins Promissory Note Arbitration
Courts Sustain Wells Fargo, Morgan Stanley, and Merrill Lynch Away Account Denials .
Overall, the Fed approved requests outright from 14 of the banks, including Citigroup, Wells Fargo, Morgan Stanley and Bank of America.
They hit at every level of Wall Street at Goldman Sachs, Merrill Lynch, Morgan Stanley, JP Morgan, Wells Fargo.
In the depth of the financial crisis that brought the global economy to its knees, U.S. authorities conducted stress tests on major banks including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley and Goldman Sachs.
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The issues raised in this column are not rare or unique, and they will likely continue to impact many unnamed brokers at the likes of Merrill Lynch, Wells Fargo, Morgan Stanley, JP Morgan, UBS, and that ilk for decades to come.
FORBES: Merrill Lynch Settles Customer Suitability Case Despite Apparent Profitability
Folks at Merrill Lynch, Morgan Stanley, JP Morgan, Wells Fargo, Citigroup, and other major organizations are just as apt to fall victim to the intricacies of what needs to be disclosed and when as their counterparts at smaller shops.
FORBES: Shoplifting $40 From Macy's Pinches Stockbroker's Career
And while this problem often arises among the fringes of the securities industry at lesser and often dubious brokerage firms, this practice also occurs at the big boys, be they Merrill Lynch, Morgan Stanley, UBS, Wells Fargo, Goldman Sachs, or the like.
Amidst a souring economy, the loss of commission business, and the closing of firms and branches, whether employed at Merrill Lynch, Morgan Stanley, JP Morgan, Wells Fargo, UBS, or smaller firms, the need for cash pushed many brokers to the limit and prompted arrangements with customers to borrow money.
FORBES: FINRA Bars Broker For Loans From Elderly Widows And Family
Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo are all on the initial SIFI list, along with four banks apiece for the U.K. and France, two from Germany and Switzerland, and a smattering from other countries in Europe.
FORBES: JPMorgan, BofA, Goldman Sachs Among Eight U.S. Banks On Global Too Big To Fail List
The investments started with the biggest Wall Street firms Citigroup, Bank of America, Merrill Lynch, Morgan Stanley, JPMorgan Chase, Wells Fargo, Goldman Sachs, etc.
FORBES: CBO Updates TARP Tally: $24B Cost To Taxpayers ($14B From AIG)
Now though, the terms of those so-called retention bonuses are weakening and firms like Morgan Stanley, Merrill Lynch, UBS and Wells Fargo may be facing another round of broker departures.
FORBES: Are Merrill Lynch And Morgan Stanley Facing A New Wave Of Broker Departures?
More often than not, a former employee of Merrill Lynch, Wells Fargo, Morgan Stanley, JP Morgan, UBS, or any other number of large and small firms feels that they were sandbagged.
FORBES: Stockbroker Disqualified Amid Borrowing, Liens And Judgments
The eight U.S. banks on the list: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, Morgan Stanley, State Street, Wells Fargo and JPMorgan Chase.
FORBES: Bank Of Canada's Carney Warns About Loss Of Global Liquidity
Reports indicate that Paulson convinced chief executives at Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Wells Fargo, State Street, Bank of New York Mellon, and Bank of America to take capital or suffer the regulatory consequences.
Certainly the folks in supervision at Wells Fargo, JP Morgan, Morgan Stanley, UBS, Schwab, and elsewhere are on notice.
FORBES: Kink In Merrill Lynch ARMOR Loses $Million Customer Arbitration
Nine banks have already agreed to take the injection, including Bank of America, Citigroup, Wells Fargo, JPMorgan Chase, Morgan Stanley and Goldman Sachs.
Nine banks have already agreed to take government funding, including Bank of America, Citigroup, Wells Fargo, JPMorgan Chase, Morgan Stanley and Goldman Sachs.
BofA competes with other major banking groups including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Deutsche Bank, Citigroup and Wells Fargo.
Merrill Lynch, Wells Fargo, JP Morgan, Morgan Stanley Smith Barney, struggle with this dynamic just as Charles Schwab, LPL, as does the small storefront at the nearby strip mall.
FORBES: Top Broker Dealer Compliance Issues Disclosed By State Securities Regulators
The firms that received money--essentially forced upon them by federal officials--were: Citigroup, JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Merrill Lynch, Bank of New York Mellon and State Street Corp.
Its investment banking division provides debt and equity underwriting services to corporates and merger related advisory services for institutions and competes with other established investment banks such as Goldman Sachs, Morgan Stanley, Deutsche Bank, UBS and Wells Fargo.
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