Social welfare costs from bank resolution, including contagion and moral hazard, are often thought to be minimized when supervisors can direct the merger of a failing bank with a sound, healthy one.

We are maintaining our fair value estimate for LPL Financial of $357. Our fair value estimate correlates to a price/forward adjusted earnings multiple of 20 times and an enterprise value/EBITDA ...

The company’s diversification across wealth management, asset management, and insurance muddies the company’s financials, and investors might discount the company’s valuation because of this.