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Merrill Lynch Fined For Overcharging Customers


The Financial Industry Regulatory Authority (FINRA) has announced that it has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $2.8m for supervisory failures that resulted in overcharging customers $32m in unwarranted fees, and for failing to provide certain required trade notices.

AllianceBernstein Extends CEO's Employment Contract

AllianceBernstein Logo

AllianceBernstein has announced that Peter Kraus, Chairman and Chief Executive Officer, and AllianceBernstein have agreed to extend the contractual term of his employment for an additional five years, commencing in January 2014, when his existing contract expires, through January 2019.

Citi Could Take $5bn Hit, UBS Pickle

Unhappy Citi

Citigroup's book value could take a $3bn to $5bn 'hit' this quarter as currencies in some of its biggest markets decline against the U.S. dollar, said Charles Peabody of Portales Partners LLC.