A Finra arbitration panel ordered Stifel Financial's (NYSE:SF) Stifel, Nicolaus & Company subsidiary to pay ~$132M in a dispute over its investment recommendations, the firm disclosed on Thursday.

Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods ...

The TRADE understands the moves could see the firm exiting both mid-cap and large-cap trading and has prompted the departure of many senior staff members, including UK market maker for Stifel Nicolaus ...