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News
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JPMorgan May Face SEC Civil Charges
May 13, 2008The Securities and Exchange Commission's enforcement staff has notified JPMorgan that it is considering filing an enforcement action against the firm over alleged securities law violations.
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National Financial Debuts Web Portal for Brokers and Advisors
May 13, 2008The Fidelity Investments company launches the Broker & Advisor Center.
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Dimon Sets Stage For Deal Closure, US Recession Woes
May 13, 2008JP Morgan's CEO Jamie Dimon told a group of investors on Monday the recession is its beginning stages and bet a one-in-three chance that it would match the recession on the 1980s.
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AIG's Loss Results in Ratings Actions
May 12, 2008After posting a $7.8 billion loss for the first quarter, S&P and Fitch Ratings cut AIG's credit rating by one notch to double-A minus while Moody's Investors Service announced it was reviewing its rating of AIG, currently Aa2.
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Bank of America Lists Financial Hit
May 12, 2008In its quarterly filing with the SEC, the company warns of about $1.8 billion of pretax net losses in the next 12 months tied to derivative instruments.
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State Street in Deutsche Deal
May 12, 2008State Street announced that it has expanded its investment servicing capabilities for the Swiss market with the purchase of Deutsche Bank's fund accounting operations.
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Study Says It Pays to Litigate
May 12, 2008A new study indicates that in disciplinary cases brought by FINRA, it may be better to litigate than settle; broker-dealer firms are "far more likely" to succeed than individuals.
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State Street Names Operating Chief
May 1, 2008State Street Corp. promoted Jay Hooley to president and chief operating officer.
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Scale Matters: Retirement Firms Consolidate
May 8, 2008ING Group's announcement last week that it had a deal for CitiStreet LLC was only the latest consolidation move in the retirement services industry.
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Two Groups Now One at Citigroup
May 7, 2008Citigroup Inc. has combined the advisory practices serving private-equity investors and infrastructural investors into one alternative asset group.
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High Net Worth Survey: More Pessimism, Fewer Advisors
May 7, 2008The number of high net worth (HNW) Americans functioning without a financial advisor has risen to 41%, a record high finding for the just-released Phoenix Wealth Survey.
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BlackRock to Buy a UBS Portfolio
May 7, 2008BlackRock Inc.'s deal to buy a portfolio of subprime mortgage debt from UBS AG for $15 billion may have helped set a market-clearing price for such assets.
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UBS Wealth Management U.S. Sees Profits Tumble
May 6, 2008The bank also announced it expects to cut 5,500 jobs including 2,600 from the investment banking business.
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ING Gains from Citigroup Sub-Prime Woes
May 5, 2008ING Group has agreed to acquire benefits services provider CitiStreet from Citigroup and State Street Corporation for $900 million.
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LPL Expands Services for Independent Advisors
May 5, 2008Largest B-D swaps rigid system for more flexible offering.
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Consumer Bankruptcies Up Almost 50% Since Last Year
May 5, 2008We could see one million new cases this year, American Bankruptcy Institute says.
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Millionaire Index Finds Mixed Feelings
May 5, 2008Millionaires are downbeat on the economy but expect improvement by this time next year, according to a study from Fidelity Investments.
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Large Majority Fear Recession
May 2, 2008Sixty-eight percent of participants in a recent survey said they believed the U.S. was heading toward a recession, and 53% were cutting their spending and paying down debt as a result.
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MetLife Adds Social Security Calculator
May 1, 2008A new service from MetLife Inc. helps people approaching retirement decide when to begin taking Social Security benefits.
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Fed Cuts Fed Funds Rate to 2%; Pause Likely Ahead
April 30, 2008The Federal Reserve on Wednesday lowered its key interest rate by one-quarter percentage point but also signaled the seven-month easing cycle may be coming to an end.
