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.
The long-term solvency of the National Flood Insurance Program has been at risk for years, the Daily Advertiser's editorial board writes. Lawmakers should implement changes, including premium increases, to make the program financially stable and consider removing it from congressional control, the board writes.
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.