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Jan. 24, 2001 In a brief speech that sounded a lot like a swan song, retiring A.G. Edwards Chairman and CEO Ben Edwards admitted that the firm's adamant refusal to pay upfront bonuses hurt the company's broker recruiting efforts in 2000. In...
Jan. 12, 2001 Edward Jones’ A-share annuity sales were about $400 million in the past year and are growing at an annual rate of more than 20%, the firm says.Jones has long pushed upfront load funds over B and C shares, believing the...
Jan. 5, 2001 Raymond James Financial (RJF) wants former Prudential Securities CEO Wick Simmons as a member of its board of directors, despite the fact that Simmons plans to become CEO of Nasdaq in February. The St. Petersburg, Fla.-based...
Jan. 10, 2001 Merger talks between the Investment Management Consultants Association (IMCA) and the Institute for Certified Investment Management Consultants (ICIMC) have been temporarily suspended. However, officials from both organizations...
Merrill Lynch’s worldwide sales force of financial advisers shrank by about 800 brokers in the first quarter of 2001, the company reported today. In a conference call explaining the firm’s first quarter results, Investor Relations...
Jan. 2, 2001 The consolidation frenzy among Wall Street firms will likely continue for the next few years, according to a report released by the SIA. In the last year, such U.S. securities giants as PaineWebber, Donaldson Lufkin & Jenrette...
Jan. 4, 2001 Merrill Lynch brokers have applauded the firm’s cost-cutting measures, which included 1,800 layoffs in the brokerage division to reduce the "bloated bureaucracy" that reps say was mushrooming at headquarters.But some of...
Jan. 9, 2001 SEC Chairman Arthur Levitt Jr. yesterday took a swipe at the equity markets in a speech delivered at Stanford University. The commission at the same time released a study purporting to show that Nasdaq spreads are sometimes...
The new work options at American Express Financial Advisors are contributing to the company’s financial weakness. American Express announced April 2 that it expects to post lower earnings (due out April 23), primarily from losses on high...
First Union announced this morning that it is buying Wachovia Corp. and adopting its corporate identity. First Union Corp. will become Wachovia Corp., and First Union Securities will be renamed Wachovia Securities, officials said during a...