Managers of Wealth Americas

Smith Barney to Retire Next Month

Change to Coincide With Morgan Stanley Purchase of Additional 14% Share in Broker From Citigroup

Whale's Tail Hits Bank on Buyback

The developments came as the New York company tried to unwind a series of problematic positions taken by a trader in the bank's Chief Investment Office nicknamed the "London Whale" for his outsize market bets.

Investment Managers are Poor Market Timers

A mountain of evidence exists that confirms this fact. Nonetheless, managers continue to charge hefty fees to convince gullible clients otherwise.

Barclays expects Citi to book $6B charge in 3Q

Citigroup had noted earlier this year that it believed it might have to book a temporary impairment charge, but said it was not material.

Citigroup Seen Booking $6 Billion Charge on Smith Barney Venture

The charge would be more than double the third-quarter average profit estimate of $2.88 billion by 13 analysts in a Bloomberg survey.

Wells Fargo's potential legal losses rise in Q2

The San Francisco bank said its "reasonably possible potential litigation losses" in excess of second-quarter legal reserves jumped 30 percent from the first quarter, to as much as $1.2 billion.

Jefferies Vies With Goldman for Highest Wall Street Pay

Jefferies set aside $870 million in the first six months of its fiscal year, enough to pay its 3,809 employees an average of $228,407. Goldman Sachs set aside $225,789 for each of its 32,300 workers.

Janus Capital reports 2Q results

Flows and Assets Under Management Average assets under management during the second quarter 2012 were $155.0 billion compared with $158.9 billion during the first quarter 2012 and $171.6 billion during the second quarter 2011.

Citigroup's Sandy Weill backs separation of high street and investment banking

Banker who once encouraged the US to repeal the Glass-Steagall Act suggested that the types of financial firm he had helped to create should now be broken up

Evercore Partners Reports Second Quarter 2012 Results; Quarterly Dividend of $0.20 Per Share

Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a lo

Citic Securities to Acquire Credit Agricole's CLSA unit‎

Chairman Wang Dongming entered exclusive talks with Credit Agricole in March over the French bank’s remaining CLSA stake to add overseas research, brokerage and investment banking to Citic Securities’s operations.

U.S. Banks Spawn 10,000 Units to Cut Tax Bill

Critics including Thomas Hoenig, a Federal Deposit Insurance Corp. board member, say the biggest firms are too complicated to manage.

Europe's banks stage U.S. retreat

Bank failures, asset writedowns and the sale of loans and businesses have sent US assets of eurozone banks tumbling by $540bn from their $1.51tn peak in September 2007.

Oppenheimer Reaches Deal With RBS Citizens on Mid-Market Clients

“We focused on the two areas of financial advisory and equity capital markets because those were areas that we saw as imminent needs of our customers,” Matthews said in a phone interview. “It was a nice dovetailing of interests and capab

Morgan Stanley closes a bleak bank earnings season

The report capped a dismal season for the banking industry.

BofA plans $3 billion of new cost cuts; posts second-quarter profit

The second largest U.S. bank cut costs 25 percent in the second quarter, helping it post a slightly larger than expected profit of $2.5 billion after posting a loss the year earlier.

Bank of America Reports Second-Quarter 2012 Net Income of $2.5 Billion or $0.19 Per Diluted Share

Global Wealth and Investment Management Reported Record Asset Management Fees of $1.6 Billion, Driven by Market Gains and Solid Long-term Assets Under Management Flows First-lien Mortgage Originations up 18 Percent From Q1-12

BNY Mellon AUM dips slightly for quarter; rises over 12 months

The latest inflows were partially offset by $14 billion of outflows from money market offerings.

Goldman's golden egg turns leaden; bank plans cuts

In an environment the investment bank characterized as "tough," Goldman said it was embarking on a new round of cost-cutting, which will include laying off some senior employees.

Credit Agricole Said Near Exclusive Cheuvreux Talks With Kepler

Credit Agricole SA is close to entering exclusive talks with Kepler Capital Markets SA on a potential combination of the French bank’s trading and research unit CA Cheuvreux, according to two people familiar with the plans.

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