Wach Sec the fastest growing major firm in the brokerage business with the biggest profit margin. Merrill, Morgan, SB, and UBS pale in comparision on profitability
As far as Wach Corp goes, 21 of 22 lines of business were in top three of their peer groups, one line of business lost money, the mortgage company, and it brought down the firm. Go through the annual report, its all there.
Wach Sec + WFC is the best, most stable financial services firm for advisors and, more importantly, their clients in the market place today (and will be for a long long time!!!)
Merrill Lynch, Morgan Stanley, Smith Barney and UBS pale in comparison to Wachovia Securities? Hunny, none of the companies that you mentioned can compare with Wachovia Securities. Wells Fargo likes to make a big deal about the retail brokerage operations of Wachovia as if it is some kind of mother lode cash cow that will make the whole deal work. Sweet heart, the brokerage business can be profitable, but not by much. In a good year, brokers barely earn in excess of the net interest income they get from their inventory. And if it is news to you, commissions were liberalized in the 1970s and full service brokers have been trying to paddle their way out of the slime every since. Without the investment bank that Wells Fargo is intent on closing down, the retail brokerage is a nonstarter. Where will you get the research or the pipeline of products? Keep the investment bank and Wells Fargo is going to be infected with a lot of embittered, stupid but vicious people.
Face it, buying Wachovia was a very bad decision and Wells Fargo will have to pay much more than you realize.