Sunday, 22nd November 2009

 

28 July 2009 - Press Briefing

Online brokerages grow at expense of traditional giants

Online brokerages have enjoyed a dramatic growth in fund inflows at the cost of large investment banks since the collapse of Lehman Brothers last September, analysts at Gartner and research consultancy Celent said, according to a Reuters report.

TD Ameritrade and Charles Schwab, the two largest online outfits, have witnessed inflows of $32.2bn (€22.6bn) since the onset of the financial crisis, as per company records, while conventional full-service brokerages like Smith Barney and Bank of America-Merrill Lynch have suffered redemptions of more than $100bn.

This trend underlines a loss of faith in professional wealth managers as well as the emergence of a new generation of tech-savvy, cost-conscious young investors, the internet brokerages say, as per the Reuters report.

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Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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