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JPMorgan tells 1,000 First Republic employees they're losing their jobs
YOUR PRACTICE PRACTICE MANAGEMENT MAY 25, 2023
JPMorgan tells 1,000 First Republic employees they're losing their jobs

The bank offered full-time or transitional roles to almost 85% of the nearly 7,000 employees still working at First Republic when it collapsed, and told the rest they wouldn't get offers.

Former Morgan Stanley advisor gets 7 years for ripping off clients
NEWS REGULATION AND LEGISLATION MAY 25, 2023
Former Morgan Stanley advisor gets 7 years for ripping off clients

Shawn Edward Good pleaded guilty to stealing $7.2 million from retirees and used the money to pay off earlier investors and to fund a lavish lifestyle.

Could $25 billion in Social Security payments on June 2 force debt-limit deal?
NEWS REGULATION AND LEGISLATION MAY 24, 2023
Could $25 billion in Social Security payments on June 2 force debt-limit deal?

Those due to receive their Social Security benefits next week are retirees aged 88 and older, along with low-income individuals with disabilities.

One-in-four chance US will hit debt ceiling X-date
NEWS REGULATION AND LEGISLATION MAY 24, 2023
One-in-four chance US will hit debt ceiling X-date

The odds of passing the X-date without an increase in the debt is around 25% and rising, according to JPMorgan.

Crypto startup gets special purpose broker-dealer license with SEC
INVESTING ALTERNATIVES MAY 23, 2023
Crypto startup gets special purpose broker-dealer license with SEC

The approval allows Prometheum Ember Capital to safekeep digital asset securities on behalf of individual and institutional clients as a qualified custodian.

Swiss Re quits net zero group
INVESTING ESG MAY 23, 2023
Swiss Re quits net zero group

The world's second-largest reinsurer is now the fourth major company to walk away from the Net Zero Insurance Alliance.

JPMorgan raises year net interest income view to $84 billion due to First Republic deal
NEWS INDUSTRY NEWS MAY 22, 2023
JPMorgan raises year net interest income view to $84 billion due to First Republic deal

The biggest US bank said the integration costs tied to the acquisition would total about $3.5 billion, about half of which will be borne this year.

Here are the top 3 candidates to replace Gorman as Morgan Stanley CEO
YOUR PRACTICE PRACTICE MANAGEMENT MAY 19, 2023
Here are the top 3 candidates to replace Gorman as Morgan Stanley CEO

Andy Saperstein, Ted Pick and Dan Simkowitz are thought to be executives in the running to succeed James Gorman, who says he will step down in the next 12 months.

Morgan Stanley CEO Gorman stepping down within 12 months
YOUR PRACTICE PRACTICE MANAGEMENT MAY 19, 2023
Morgan Stanley CEO Gorman stepping down within 12 months

Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, will assume the role of executive chairman after exiting as chief executive.

SEC's Crenshaw sees potential overlap in EU-US climate rules
INVESTING ESG MAY 17, 2023
SEC's Crenshaw sees potential overlap in EU-US climate rules

The watchdog agency teed up a sweeping proposal in March 2022 intended to standardize the types of disclosures public companies make about greenhouse gas reduction goals.