NY: Wall St. firms agree to avoid analyst surveys
ALBANY, N.Y. (AP) — The New York's attorney general says 18 Wall Street firms have agreed to stop cooperating with analyst surveys that investigators say favor certain elite clients.
The agreements follow the office's January pact with asset manager BlackRock to end systematic analyst surveys about companies they follow. The surveys were frequently timed before the official release of publicly available opinions.
The new agreements include Merrill Lynch, UBS Securities, Barclays Capital, Citigroup, Credit Suisse, J.P. Morgan, Morgan Stanley, Deutsche Bank, Jefferies and Goldman Sachs.
Others are Stifel, Nicolaus & Co.; Sanford C. Bernstein & Co.; Keefe, Bruyette & Woods; Thomas Weisel Partners; Macquarie Group; Vertical Research Partners; FBR Capital Markets & Co.; and Wolfe Research.
The interim agreement letters say the firms will direct their analysts to stop responding by March 3.