Broker-Dealers
Are The Wirehouses Stepping Up Trainee Programs Only To Let Even More People Go?
Strange buzz out there that at least Merrill Lynch and Wells Fargo are beefing up their training programs by 20% to 50%, even though both organizations face issues of consolidation and other firms are reportedly letting trainees go.
Merrill Lynch famously joined Bank of America a few years ago and is now wrestling with issues of where its advisory force fits into the sprawling BofA framework -- or even if it does. Bringing on a reported extra 800 trainees in that kind of unsettled environment seems like a waste of good potential and a lot of money.
Famously, training just one
Two Merrill Hands Reportedly In The Running To Lead The Thundering Herd
At least two longtime Merrill Lynch insiders are reportedly on the short list to run the giant wirehouse once Lyle LaMothe leaves this spring.
Black Merrill Lynch Brokers Lose Retention Bonus Discrimination Suit
Claims that Merrill Lynch systematically gave brokers of color lower retention bonuses during the firms merger with Bank of America have as yet met with deaf ears.
Mark Schafly Makes Surprise Departure From The Top Spot At FSC Securities
After a little under three years running FSC Securities for corporate parent AIG, Mark Schafly has suddenly resigned. A search for a replacement is already underway.
Schafly came to FSC from LPL after the high-energy Joby Gruber left the firm under a bit of a cloud. Before LPL, he had spent a stunning 20 years at A.G. Edwards.
No motive for the quick departure beyond "personal reasons" was given.
FSC -- along with the other AIG brokerage firms Royal Alliance and Sagepoint -- has seen significant retention problems since AIG's troubles began i
Ameriprise Thaws A Tiny Bit On "Progress" In Securities America Negotiations
After an extremely quiet week in which Ameriprise kept its communications on troubled affiliate Securities America mostly internal, the company has issued an unusually terse statement.
More Articles ...
- Ameriprise Moves To Console Shareholders...But The Stock Has Weathered The Securities America Situation Quite Well
- Securities America Advisors Keep An Eye On The Exits, But Ameriprise Will Probably Step Up
- Virginia Broker-Dealer Taps $125 Million War Chest For Aggressive Expansion
- Local Media Now Speculating That Securities America Is Fighting For Its Life
