RJ and Makay

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While bank customers are still dissatisfied with bank fees, banks are able to counter that discontent with higher satisfaction in other areas of banking operations, according to the J.D. Power and Associates 2012 U.S. Retail Banking Satisfaction Study released yesterday.  The study found that overall retail banking customer satisfaction improved by one index point in 2012 to an average of 753 (on a 1,000-point scale).

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U.S. financial services firms have been dramatically cutting staff this year and more Wall Street layoffs are on the horizon, according to a Challenger Gray and Christmas report released this week.  The 2011 staff reductions, as compared to the widespread layoffs stemming from the 2008 financial crises, appear to be more permanent.  Through May, banks, insurance firms and brokers have made plans to eliminate 11,413 positions, compared with 9,431 during the same period a year ago.

Strong first quarter merger and acquisition activity among RIAs maintained deal momentum coming off a record-setting 2010 pace, according to a unit of Charles Schwab.

“The continued growth of the equity markets and the overall RIA industry helped create fertile ground for mergers and acquisitions in the first quarter,” said David DeVoe, managing director of strategic business development for Schwab Advisor Services. “On the broader side, RIA M&A is being driven by structural changes to the industry, such as the demographics of adviser principals on the seller side, and the continued investment from consolidators, private equity firms, and others on the buyer side.”