Former Vice President of the United States has been named vice chairman of Los Angeles-based Metropolitan West Financial, Inc. His areas of responsibilities will include developing private equity strategies in the areas of biotechnology and information technology.
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According to an article in The Wall Street Journal
, brokers at CSFB are facing cuts in their commissions of up to 10%. The firm is also reducing from 50% to 45% the pay for fee-based accounts. There will also be some reductions for broker commissions for individual trades.
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Thursday we reported that Conoco is replacing Merrill Lynch with JP Morgan | American Century as vendor to its $3.1 billion 401(k) plan. On Friday Conoco announced that it is being acquired by Phillips Petroleum, which has a $1.1 billion 401(k) plan of its own administered by Vanguard. The new company will be named ConocoPhillips. So what will happen with the retirement programs? No one knows yet, but things always look brighter for the acquirer's vendor.
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