This week he hired Merrill Lynch veteran James Gorman James Gorman to run the retail brokerage.
Gorman understands the retail brokerage business perhaps like no other CEO on the Street.
Nikko itself will keep its domestic retail brokerage business, asset management and little else.
First, Citigroup has lost its flagship retail brokerage operation, Salomon Smith Barney, to Morgan Stanley.
It is building what will be by far the largest retail brokerage among foreign firms in Japan.
Wells Fargo lacks a significant investment banking operation, which Wachovia brings, along with a significant retail brokerage operation.
The unit was placed under a strategic review, as were Morgan Stanley's asset management and retail brokerage divisions.
The retail brokerage units offered firms a consistent stream of revenue while their other lines of businesses sunk.
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Wachovia will survive as a company specialized in retail brokerage and asset management.
Now it is focused on expanding retail brokerage and rebuilding an institutional business badly shaken by the financial crisis.
Morgan already owns 51% in the retail brokerage unit and has options to buy the remaining portion from Citi through 2014.
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Through its subsidiaries it engages primarily in the business of commercial and retail banking and the delivery of retail brokerage services.
McCann joined UBS in 2009 to lead its then struggling U.S. wealth management unit which houses its retail brokerage force.
What perplexes me is why some seem to think that this is an earth shattering day in the history of retail brokerage.
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Morgan Stanley is scheduled to purchase in June Citigroup's remaining stake in their joint venture, Morgan Stanley Smith Barney, the retail brokerage.
Brokerage analyst Richard Reppetto estimates daily average revenue trades will fall between 5% and 7.5% this year in the retail brokerage sector.
It will also plow money into shoring up its retail brokerage.
In the past, the argument has been that in-house ownership of both a mutual fund group and a retail brokerage could increase revenues through cross selling.
For instance, if the retail brokerage arm of a bank is not a huge revenue generator, then it might be put up for sale.
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In addition, certain UBS registered representatives allegedly did not have an adequate understanding of Non-Traditional ETFs before recommending these products to retail brokerage customers.
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They see more action on the lower end of financial services, such as retail banking and retail brokerage as more involved in using social media.
There are 10m retail brokerage accounts, in a population of 22m.
Merrill Lynch has quickly built up a large retail brokerage operation.
Why would a Merrill Lynch or other retail brokerage facilitate something that would surely alienate management causing them perhaps to lose access for their research department?
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At Charles Schwab, an American retail brokerage firm, it took just three years for online dealing to account for more than half of all its securities trading.
Since replacing Mr Purcell on June 30th, Mr Mack has made a triumphant tour of his domain, including the trading floor and the headquarters of the retail brokerage.
Morgan Stanley CEO James Gorman has a lot at stake here, and more so than Citi CEO Vikram Pandit whose bank still owns 49% of the retail brokerage joint venture.
There is also the risk that the high-ticket customers it acquired so expensively at U.S. Trust might find the association with the retail brokerage operation distasteful and flee to other trust institutions.
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