Reuters notes that the top retail brokerages are all undergoing fairly significant integrations at the moment. Bank of America (BAC) acquired Merrill Lynch's Thundering Herd--it has 14,800 brokers. Wells Fargo (WFC) acquired Wachovia, which itself had acquired a few small brokerages--the bank has 15,100 brokers. And Morgan Stanley (MS) bought a controlling stake in Citigroup's (C) Smith Barney business--it has 18,000 brokers, making it the biggest by far. And looming in the background: UBS (UBS), which seems poised to make a splash in the U.S. market. We'll see who eventually rises to the top.

Size is hardly the only criteria by which to measure success, but the relative ease with which these entities can integrate operations will affect their competitive standing. Some think that Bank of America Merrill Lynch will have the easiest time, given that Bank of America had relatively few brokers. Whether all this will allow the independents to make hay is still unclear. 

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