'We’ve made significant investments the last few years across our franchise to better serve our customers, and help drive growth,' says Wells CFO Mike Santomassimo.
'In 2023, a record number of existing Bank of America clients became Merrill clients,' says Eric Schimpf, president and co-head of Merrill Wealth Management. 'We can and will do more here.'
The bank said the windfall may continue this year; its earnings also included a $2.9B charge for an FDIC special assessment related to last year's bank failures.
The firm has also hired a new CIO as it scales up its operations.
$1T asset manager has also promoted Americas real estate head to a global role.
People moves are gathering pace as the new year gets underway.
Strategists say an early rate cut could be delayed if prices keep rising.
Haven demand is growing as investors fear escalating tensions.
The biggest takeaway from the December CPI report could be that the Federal Reserve is done raising rates, rather than the timing or number of its cuts.
'Financial advisors don’t understand bitcoin,' one senior executive notes. 'It's a disaster waiting to happen.'
Wall Street firm believes that while 1.5% of cuts is probably correct, there could be more easing needed.
'Runner-up' crypto has gained more than bitcoin since the SEC approved spot ETFs.
While many firms are pulling back from the market, the Ken Griffin founded firm sees opportunity.
Fund companies try to position their products to attract first-day inflows that could hit $4B once the SEC approves the funds.
Costs surged in 2023 and are set to do the same in 2024, says new report.
Hackers posted on regulator's X account that it had approved spot ETFs.
New report says environmental concerns are becoming mainstream.
New York court case provides rare glimpse of often opaque fine art world.
Chair Gary Gensler denounces unauthorized social media post.
Why hedge fund managers, advisory firms and other financial services firms are basking in the sun in Miami.
