Last year, Merrill Lynch made the most cuts, lopping off 25%. Edward Jones added the most.
| Firm | No. Retail RRs | No. B/D Offices |
|---|---|---|
| Merrill Lynch | 15,147 | 744 (5)* |
| Morgan Stanley | 13,191 | 550 (11) |
| Smith Barney | 12,927 | 581 (10) |
| UBS PaineWebber | 8,801 | 374 (14) |
| Edward Jones | 8,595 | 8,215 (1) |
| Wachovia | 7,595 | 585 (8) |
| A.G. Edwards | 7,267 | 705 (7) |
| Charles Schwab | 5,448 | 430 (13) |
| Prudential | 5,384 | 234 (15) |
| Fidelity | 5,250 | 139 (20) |
| * Overall rank in particular category | ||
| Source: Securities Industry Association 2002-2003 Yearbook | ||
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