Morgan Stanley has hired a Smith Barney broker who had earned $2.7 million in commissions and fees during the past year. The hiring of Wesley Tate comes just days after high-profile brokers Michael Kaufman and David Bieber left Merrill Lynch for Morgan Stanley.
The London Stock Exchange said revenue jumped 25% in the first quarter amid record levels of electronic trading. LSE, which is 25% owned by the Nasdaq Stock Market Inc., said revenue rose to a record $155 million.
A group of black college students gathered in protest Tuesday outside the Chicago offices of Merrill Lynch. The protest came a day after the collapse of settlement talks in a lawsuit filed by about 100 brokers who allege racism at the company.
The New York Stock Exchange endorsed a plan to end "broker votes," a proxy voting system in place since the 1930s. Corporate watchdogs have complained that the system gives brokers and banks too much influence in electing corporate boards.