Craig Stuvland, former president of Common Sense Investment Management, lured four Morgan Stanley brokers with $650m in client assets to a new firm that supports independent financial advisors.
ICAP, the world's largest interdealer broker, said on Wednesday that group revenue in the first quarter fell 14% year-on-year, as tough market conditions continued to affect trading.
American International Group has reached a $650 million settlement with Bank of America over residential mortgage related disputes.
Bank of America, the second largest U.S. bank by assets, reported a 43 percent drop in second-quarter profit as mortgage revenue fell and litigation costs increased.
Former Deutsche Bank salesman Shigeru Echigo received a 10-month suspended jail sentence in Tokyo for bribing a pension-fund executive to buy investment products.
Credit Suisse bought $3.7bn of U.S. mortgage securities in the largest auction of its type since at least 2010, according to a person with knowledge of the offering.
Raoul Weil, a former top UBS banker facing trial in Florida on charges of helping Americans evade taxes, asked a judge to allow defence witnesses outside the country to testify by video because they fear retaliation if they come to the U.S.
Warren Buffett's annual gift of Berkshire Hathaway stock to the Bill and Melinda Gates Foundation is worth $2.1 billion this year, up from $2.0 billion last year. It's also more than any of Buffett's previous eight donations.
Billionaire investor John Paulson correctly anticipated merger activity in the energy sector, making him one of the big winners of Whiting Petroleum's purchase of Kodiak Oil & Gas.
New allegations say that Bernie Madoff's sons knew much more about their father's Ponzi scheme than they originally claimed.
The head of one of the world's largest oil and metals traders, Trafigura, was released on bail after eight months in prison this week, as a probe into alleged fraudulent trading activity continues.
A lawyer for the US government seeking to extradite a British trader to stand trial has claimed that he made a profit of nearly $900,000 (£615,000) by manipulating the stock market to cause the “flash crash” on Wall Street in 2010.
Amid the wreckage of the crude oil market, Warren Buffett's already big bet on an oil giant nears $1 billion.