Putting the customer first is a mantra that is pounded into the heads of brokers at all the major brokerage houses.

Smith Barney was the first major brokerage to report third-quarter earnings.

"Just today a major brokerage said it would dedicate one day's entire trading commission to our fund," Mr. Brecht said.

Despite selling its major brokerage and investment banking units several years ago, American Express still provides tax and investment advice to consumers and small businesses.

In fact, six executives at Bear Stearns earned more than anyone at any of the other major public brokerage houses.

Yamaichi, formed in 1897, was at one time one of the four major Japanese brokerages.

A number of major brokerages and mutual fund firms were accused of various deceptive acts that disadvantaged customers.

They were frustrated, having been ignored and rebuffed by executives at several major brokerages.

The murder of Marc Glassman, a trader at a major brokerage, has an immediate and dramatic effect on world financial markets.

Mr. O'Neal, 50, would be the first African-American chief executive of a major brokerage or investment banking firm.