CHARLOTTE, N.C. (Reuters) - Bank of America Corp., which has lost almost half of its market value this year, announced a broad reorganization on Tuesday [Sept. 6] that includes the departure of two senior executives. The biggest U.S. bank said after the market closed that Joe Price, head of consumer banking, and Sallie Krawcheck, head of global wealth and investment management, have left. Mr. Price was a former chief financial officer of the company, and Ms. Krawcheck was a former CFO of Citigroup, leader of its Smith Barney brokerage unit and frequently touted as the highest ranking woman in the financial services industry.
This study is one of the first to investigate brokerage intermediation effects in the income-producing commercial property market. Employing multifamily sales data from the Atlanta and Phoenix markets under alternative brokerage specifications, little evidence to support the existence of systematic, differential transaction pricing outcomes due to the presence of brokers is found. The results suggest that the existence of brokerage intermediation effects is likely minimal in commercial markets that are relatively transparent, that have participants who are knowledgeable, and where value and price are typically determined based on a property's income-generating capacity.
While Long Island home sales have cooled in the past few years, the competition for top agents has never been hotter, as traditional full-service realty companies battle newer, leaner and higher- commission business models. While the Island's residential real estate market is still dominated by such familiar national chains as Century 21 and Coldwell Banker Residential Brokerage, and strong local independents like Coach Realtors and Laffey Fine Homes, a new breed of pay-to- play brokerage firms have made significant inroads.
Harold C. Brown & Co., one of Buffalo's oldest independent brokerage firms, is dissolving, partly in response to the increasing regulatory burdens on small investment firms. The firm expects to complete the breakup around the end of the year, with each of its five three-member investment teams going its own way. One team plans to form its own investment firm, while others will become partners or employees of existing firms, said Maureen Maguire, Harold C. Brown's vice president and chief operating officer.
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