The News: Merrill Brokers Eye the Door
The trials and tribulations of Bank of America/Merrill Lynch management isn't doing a lot for the firms efforts to keep Merrill's vaunted force of financial advisors on board. As rivals big and small dangle rich compensation packages in front of them (some nearly triple what BofA is offering, says the New York Post), infighting and bad press is causing even those brokers who are inclined to stay to weigh their options critically.
'Herd' on the Street [NY Post]
Meantime, Crédit Agricole and Société Générale have agreed to combine parts of their asset-management operations into a joint venture, reports The Wall Street Journal. Credit Agricole will hold 70 percent of the venture, which will be the fourth-largest asset manager in Europe, and the ninth-largest in the world. The venture will be led by Yves Perrier of Crédit Agricole Asset Management.
French Banks Plot Joint Functions [WSJ]
GE Shores Up Finance Unit; Credit Rating Still in Doubt [WSJ]
Duff Capital Advisors Shrinks, Stays in Business [HedgeWorld]
Credit Suisse banks on alternatives [Pension & Invesments]
Firms exit transition management [Pension & Investments]
ING Group to Cut 7,000 Jobs [NY Times]
MassMutual Names Tom Cremona Vice President, Client Relationship Management [Mass Mutual via PR Newswire]
Knight Promotes Gary Katcher and Steven J. Sadoff to Executive Vice Presidents [Knight via PR Newswire]