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Mr. Frucher's financial team was led by Bret Engelkemier, who had previously headed trading divisions at Citigroup.
Andrew and Mark Madoff managed the legitimate market-making and proprietary trading divisions of their father's firm.
"However, rather than adopting an overall identity, the old building society names are being retained as brands or trading divisions.
But they provide only the broadest information on their all-important trading divisions, which generate more than two-thirds of industry revenue.
But the speed of the recovery is raising questions among some investors about the sustainability of the rapid growth at trading divisions.
And in some ways that unit is providing the firm's bread and butter — a reversal of recent years when the banking and trading divisions produced soaring revenues.
Similar(34)
It has just beefed up its trading division in Britain.
But Vanguard says costs in its trading division are rising.
Annualized, the trading division's first-quarter earnings, assuming a 10 percent tax rate, stand at $2.4 billion.
But Morgan Stanley, which is rebuilding its trading division, struggled more than others.
Its fixed-income trading division still reported a 9 percent decline from the firm's second quarter.
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