Lorie Konish

While all eyes were on Bank of America's stock price last year, the Bank of America Merrill Lynch retirement and employee financial benefit plan businesses quietly thrived by pulling in $19 billion of new financial benefit plan assets.

Citigroup Chief Executive Vikram Pandit said Monday that MF Global's woes point to a need for an expanded focus on the shadow banking system and broader transparency for derivatives.

As Bank of America Merrill Lynch moves to strengthen its overall focus on institutional clients, it has renamed its institutional consulting group and hired an advisor team working with more than $2.7 billion of client assets.

Janus Capital Group has unveiled a new online retirement income distribution tool aimed at helping financial advisors keep their clients' retirement income flowing evenly for more than 30 years.

News of alleged unauthorized trading at UBS comes at a critical point for the firm and its wealth management business.

Raymond James & Associates has hired a four-member financial advisor team that was previously producing more than $3.6 million in annual fees and commissions at Robert W. Baird & Co.

UBS AG's planned 3,500 job cuts will not directly affect client-facing financial advisors in its Wealth Management Americas unit, a spokesperson confirmed Tuesday.

Bank of America Corp.'s dismissal Tuesday night of top wealth management executive Sallie Krawcheck may point to a deeper commitment to the Merrill Lynch business.

UBS AG's planned job cuts of 3,500 will not directly affect client-facing financial advisors in its Wealth Management Americas unit, according to a representative.

UBS Wealth Management Americas has hired 11 financial advisors who previously had $1.2 billion of assets under management and $9 million in fees and commissions.

Even before the events surrounding the U.S. debt ceiling deal and downgrade, affluent investors' concerns about how long their retirement assets will last was rising, according to a Bank of America Merrill Lynch survey conducted in June.

With plans to expand its hold in the Southwest region, Morgan Stanley private wealth management has named Leerink Swann wealth management head Devon Baranski to the post of regional manager for the Southwest, according to an internal firm memo obtained by On Wall Street.

Bank of America's Andrew Sieg, head of retirement services, will now also lead its global investment solutions unit as Kunal Kamlani steps down and leaves the company.

Moves to streamline operations follow the recent trend of leadership changes at other firms.

HighTower Advisors of Chicago has hired a three-member team of Morgan Stanley Smith Barney veterans to its Palm Desert, Calif., office.

The Financial Industry Regulatory Authority issued an alert to investors to look carefully into the potential risks of nonrecourse stock-based loan programs before participating in them.

Stifel Nicolaus & Co. has opened a private client office in Irvine, Calif., marking its latest addition as part of an aggressive expansion push into the western states.

The Securities and Exchange Commission is scheduled to complete its rulemaking on midsize advisers and advisers under the private adviser exemption by July 21, but investment advisers' deadlines may be extended until 2012.

The Financial Industry Regulatory Authority has fined UBS Financial Services $2.5 million and ordered it to pay $8.25 million in restitution for conduct related to the sale of Lehman Brothers Holdings principal protection notes.

UBS Wealth Management Americas has continued its hiring streak with new appointments in Ohio and California.