"We fully expect them to leave the brokerage business at that time," he said.

It is a sea change in the retail brokerage business.

A lot of people here are in the brokerage business - they don't know when the pink slip might come.

Show Jack in black and white just what the brokerage business means.

As part of the settlement, he is banned from the brokerage business for nine months.

It was also told to shut down its entire stock- brokerage business for one week.

He continued to work in the brokerage business as an independent operator.

"The brokerage business these days is not able to support any company in that kind of luxury."

But the essence of the brokerage business, as in consulting and many other financial services, is its people.

He was previously head of the firm's prime brokerage business.