The News: Big Brokers Losing Ground to Smaller Shops

Small firms are gaining on big brokerage firms. A report by consulting firm Aite Group says Merrill Lynch, Morgan Stanley Smith Barney, UBS and Wells Fargo Advisors lost a combined $900 billion, or 16 percent, of assets under management during the last two years, Reuters reports. Aite expects the trend to continue, albeit more slowly.

The trend will continue, Aite said, though at a more modest pace. As the market settles and the big firms integrate a round of mergers, it will be harder for regionals and independents to attract wirehouse advisers and clients....

U.S. Big Brokerages Lose Market Share: Study [Reuters]

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Goldman Employees Rally Around Blankfein [NY Times]

The Real Problem? Wall Street Doesn't Get Wall Street [Dealbook]

Bhattal's Goal: Keep Lehman Talent [WSJ]

China Career Update: There is a (very) serious shortage of commercial banking RMs [eFC - HK]

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