Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
Full service brokerages such as Merrill Lynch (owned by Bank Of America Corp.), UBS and Morgan Stanley Smith Barney may have to up their efforts if they want to retain their clients.
Merrill Lynch Global Wealth Management and Bank of America Introduce New My Retirement Income Management Solution
Merrill Lynch Global Wealth Management announced today the launch of the new My Retirement Income management feature that combines Merrill Lynch's Retirement Income Service with the retail banking convenience of Bank of America.
Bank of America’s Acquisition of Merrill Lynch: A “Shotgun Merger”?
Bank of America's Ken Lewis is under fire again. Shortly after being stripped of his position as Chairman of the Board earlier this year, he faces yet another controversial issue that could further undermine shareholder confidence in him.
Bank of America Shareholders Oust Kenneth Lewis as Chairman
Although he remains CEO of Bank of America, Kenneth D. Lewis was stripped of his position as BofA's Chairman of the Board in a meeting attended by some 2,200 shareholders last Wednesday. The decision was reached after a close vote of 50.34% to 49.66%, to separate the duties of the chairman from that of CEO.
Wall Street Banks Lose Top Investment Bankers
Top talents of the banking industry, mostly in the investment banking divisions, are starting an exodus out of the country's big banks into smaller investment firms. These departures come in the wake of the US government's plans for tighter restrictions and amidst calls for limits on executive compensation for banks that received more than $5 billion in government assistance
The Year That Was 2008: A Rundown of the Major Financial Events That Rocked the Nation
Even with the New Year revelry still ringing in our ears, one can never fully take on the challenges that lie ahead in 2009 without reflecting on the year just gone. Certainly, the year 2008 will go down in history as the start of one of the country’s worst recessions since the Great Depression in the 1940’s. Bankruptcies plagued banks and investment houses, and many industries, most notable of which are the finance and auto industries, were now pinning their hopes of surviving more on the bailouts that the government was handing out like candy, than on the likelihood that the economy would put itself right in the near future.
Quarter Million Jobs Cut – Enough to Save US Banks?
According to the latest projections, more than 250,000 jobs will be lost in the American banking sector due to the ever deepening economic turmoil. That Merrill Lynch, which in 2008 held assets in excess of $1 trillion, can be pulled under the leaking umbrella of Bank of America in search of shelter, is a telling indicator indeed of the how deep the wounds inflicted on the financial sector have become.
Struggling US Economy Survives with One Bailout after Another
Since the burst of the housing bubble late last year, the credit markets, the finance industry, and the US economy in general, have gone on a constant and speedy downturn.
In an effort to stop the economy from completely reeling out of the control, leaving in its wake a slew of bad debts, failed banks, job losses, frozen consumer spending, and just recently, an auto industry on the brink of collapse, the US government has released wave after wave of rescue packages in the form of direct investment into banks, short-term loans to financial institutions, and guarantees of real-estate backed loans.
Washington D.C. is pouring out money like there’s no tomorrow. Since the start of this crisis, the government has already apportioned a jaw-dropping $7 trillion on pledges of financial backing and bailout commitments.
Bank of America & JP Morgan Chase: Two Giants Floating Atop Financial Crisis
Bank of America and JP Morgan Chase -- two of the US' top banks, and now both in the limelight. Aside from having equally received a huge chunk of the $700 billion government bailout plan, $25 billion each to be exact, the two banks have also been rather busy lately expanding their respective financial empires with a series of takeovers and mergers involving no less than once-mighty names in the banking and investments industry: Bear Stearns and Washington Mutual, Countrywide Financial and Merrill Lynch.
The US in Recession: Looking Back and Ahead
While a number of government officials still would like to avoid using the seemingly taboo "R" word (recession) in referring to the state of the US economy, a number of factors would otherwise indicate that in fact, it has been in that condition for almost a year now, without showing any signs of letting up. Plummeting stocks, rising unemployment, investment houses, once thought to be bastions of high finance, closing shop one after another, and a general feeling of alarm among the American people only support the inescapable fact that indeed, the US is facing an economic crisis such that has not been known since the Great Depression in the 1930’s.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation
Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
