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Wall Street Cracks Down on Free Sharing of Analysts' Notes

  • Tracking reading habits with clicks could help prove value
  • Banks' research costs seen falling 56% in decade through 2017
relates to Wall Street Cracks Down on Free Sharing of Analysts' Notes
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Wall Street banks may have finally hit on a way to pinpoint the value of analysts and squeeze more money from their research: Stop making it so easy to share.

Bank of America Corp. has started embedding analysts’ reports into web pages, so it can more easily restrict access than with PDF files that are widely shared with people who aren’t paying clients, said Candace Browning, the firm’s head of research. It’s joining rivals Morgan Stanley and Citigroup Inc. in limiting access, and more plan to follow. The approach also makes it easier to track analysts’ readership and customize products for specific types of clients, according to bank executives and consultants.