Secret contracts, covert real-estate deals, scurrying around after nightfall to avoid detection: this is how far big-bank brokers are prepared to go when they plan to go independent.
Breaking News
A number of high-profile brokers have left Bank of America Corp's (BAC.N) Merrill Lynch wealth management unit in recent weeks, and top executives at the company have grown concerned enough to ask business head John Thiel to explain the departures, three sources familiar with the matter told Reuters.
BlackRock Inc, the world's largest asset manager, has asked regulators to force exchanges to lower their access fees and require greater transparency of broker dealer-run trading venues known as "dark pools."
Stock investors who recognize the risks of trading in anonymous "dark pools" but are unwilling to spurn them have found an alternative: club together.
Coal India's CEO S. Narsing Rao would try to convince brokerage firms to invest in the state run mining firm from India.
Merrill Lynch offices in New York and Washington D.C. hired advisers from rival, Morgan Stanley.
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