Merrill Lynch’s “thundering herd” of brokers was once synonymous with Wall Street’s sales culture. But Merrill is shifting from the commission-based brokerage model and pushing its brokers to serve as overall financial advisers.
The distinction between independent financial advisers and Wall Street brokerages is blurring as big banks with brokerage outfits move to comply with new regulations and take back market share.
A crackdown by the People’s Bank of China on wagers against the yuan propelled the currency to its largest-ever two-day gain against the dollar, highlighting the rising tension in foreign-exchange markets over the outlook for China.
A meeting between the J.P. Morgan CEO and France’s president illustrates the minefield Europe’s political establishment is navigating as it seeks to capitalize on Brexit.
A former branch manager of Falcon Private Bank in Singapore has been charged with 16 offences, including one that requires banks and their officers to enact due-diligence checks on clients to prevent money laundering.
The historical relationship between Wall Street’s “fear gauge,” or VIX, and U.S. equities faltered last month—a sign that investors are demanding protection against wild swings in stocks.
Former New Jersey Gov. Jon Corzine agreed to pay $5 million to end a U.S. regulator’s lawsuit in the aftermath of the 2011 collapse of commodities brokerage MF Global Holdings Ltd.
Goldman Sachs has added Julian Salisbury, who runs a unit that invests the bank’s own money, to its powerful management committee. Mr. Salisbury’s elevation comes during speculation that some regulations might be pared back under a Trump administration.
The Department of Labor claims an attorney representing Wells Fargo tried to hamper an investigation into the bank’s treatment of employees and in doing so cited a possible role in the coming Trump administration.
The debts of Donald Trump and his businesses are scattered across Wall Street banks, mutual funds and other financial institutions, broadening the tangle of interests that pose potential conflicts for the incoming president’s administration.
Asian economies are showing strength and the U.S. Fed is expressing ‘uncertainty’ about the policies of the incoming president. This is hitting the dollar, helping Treasurys and lifting Asian stocks.
Shares of Bonanza Creek Energy Inc. jumped 40% Wednesday on its plans to shed more than half of its debt in bankruptcy proceedings, but the pop is little consolation for investors who bought the shares of the Denver energy producers’ stock offering two years ago.
A former foreign-exchange trader at Barclays PLC pleaded guilty to conspiring to manipulate currency rates, the first individual publicly charged in a probe of collusion at top global banks to move the rates.
The head of Deutsche Bank’s financial-crime-fighting unit is leaving that post after an internal budget dispute over his requests to add hundreds of new employees, according to people familiar with the matter.
The U.S. is becoming “de-equitized,”’ putting some of the best investing prospects out of the reach of ordinary Americans. That’s because a new generation of companies have shunned public markets, and mergers are booming.
T. Rowe Price Group said Wednesday that Financial Chief Kenneth Moreland will retire this year and that it has begun a search for his successor.
Indonesia has a history of run-ins with J.P. Morgan Chase, which influenced its recent decision to cut business ties with the U.S. bank.