Wirehouses

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Wells Fargo earnings point to a tough 2020
NEWS WIREHOUSES APR 14, 2020
Wells Fargo earnings point to a tough 2020

First-quarter performance shows weakness across the board in the bank's wealth management business

UBS team managing $325 million joins Kestra
NEWS BROKER DEALERS APR 14, 2020
UBS team managing $325 million joins Kestra

Sean Russell and Philip Giammarino move to Coastline Wealth Management

Morgan Stanley loses appeal of $3.3 million Finra arbitration
NEWS WIREHOUSES APR 13, 2020
Morgan Stanley loses appeal of $3.3 million Finra arbitration

The wirehouse sought to toss a large award it lost to investors who owned Puerto Rican bonds

Former Wells Fargo adviser part of alleged $33 million crypto Ponzi: lawsuit
NEWS WIREHOUSES APR 13, 2020
Former Wells Fargo adviser part of alleged $33 million crypto Ponzi: lawsuit

The purported scheme targeted doctors and claimed their money would be used to trade cryptocurrency using a proprietary algorithm

Morgan Stanley’s Gorman: I recovered from COVID-19
NEWS WIREHOUSES APR 09, 2020
Morgan Stanley’s Gorman: I recovered from COVID-19

The CEO tells employees in a video that he isolated himself at home

3 suits against JPMorgan Chase’s 401(k) plan are joined
NEWS RETIREMENT PLANNING APR 09, 2020
3 suits against JPMorgan Chase’s 401(k) plan are joined

The suits allege fiduciaries failed to secure lower fees for plan participants

NEWS WIREHOUSES APR 09, 2020
UBS pledges $2 billion to aid small businesses via U.S. plan

Enterpreneurs make up a big part of the firm's US client base, it says

Jamie Dimon sees ‘bad recession’ and echoes of 2008 crisis ahead
NEWS WIREHOUSES APR 06, 2020
Jamie Dimon sees ‘bad recession’ and echoes of 2008 crisis ahead

The only current CEO who steered a major U.S. bank through the financial crisis said the firm's earnings will be “down meaningfully” this year

ETrade still a sweet fit for Morgan Stanley: Gorman
NEWS WIREHOUSES APR 02, 2020
ETrade still a sweet fit for Morgan Stanley: Gorman

The bank's CEO remains optimistic about the acquisition despite the COVID-19 crisis

Party's over, Florida. Advisers see trouble looming in state's economy
NEWS WIREHOUSES APR 01, 2020
Party's over, Florida. Advisers see trouble looming in state's economy

A recession could be coming for the Sunshine State, says a Wells Fargo Securities analyst

Merrill duo managing $900 million goes indie with Raymond James
NEWS BROKER DEALERS APR 01, 2020
Merrill duo managing $900 million goes indie with Raymond James

Neil Goetzman and Jeffrey Nau set up eponymous business in Alexandria, Va.

Wells Fargo duo managing $200 million goes indie through Raymond James
NEWS PRACTICE MANAGEMENT MAR 31, 2020
Wells Fargo duo managing $200 million goes indie through Raymond James

Mark Killingsworth and Stephen Vessey set up shop in Beaver Dam, Wisc.

Wells Fargo suspends job cuts
NEWS PRACTICE MANAGEMENT MAR 27, 2020
Wells Fargo suspends job cuts

It joins Citigroup and Morgan Stanley, as well as some European banks, in pledging to preserve jobs amid the pandemic

Wells Fargo Advisors reverses plan to charge more clients an account fee
NEWS PRACTICE MANAGEMENT MAR 26, 2020
Wells Fargo Advisors reverses plan to charge more clients an account fee

The firm is altering a plan that was unpopular with some advisers

Morgan Stanley CEO vows no layoffs in 2020
NEWS PRACTICE MANAGEMENT MAR 26, 2020
Morgan Stanley CEO vows no layoffs in 2020

The bank's shares are off 30% so far this year amid concerns about loan losses and the impact of low rates on margins

Wells Fargo to give extra pay to most U.S. workers amid crisis
NEWS PRACTICE MANAGEMENT MAR 24, 2020
Wells Fargo to give extra pay to most U.S. workers amid crisis

The bank will make payments to workers who earn less than $100,000 and were employed by Wells for all of 2019

Wells Fargo named in new 401(k) lawsuit
NEWS RETIREMENT PLANNING MAR 17, 2020
Wells Fargo named in new 401(k) lawsuit

The company has been sued again over its use of its own products in its retirement plan

SEC bars former Merrill Lynch adviser over alleged $1.7 million fraud
NEWS WIREHOUSES MAR 17, 2020
SEC bars former Merrill Lynch adviser over alleged $1.7 million fraud

The Chicago broker had been fired by the wirehouse and previously barred by Finra

As Wall Street dives, what’s the plan at Wells Fargo Advisors?
NEWS WIREHOUSES MAR 12, 2020
As Wall Street dives, what’s the plan at Wells Fargo Advisors?

The wirehouse's advisers will be closely watching its new leaders

SEC bars former wirehouse broker over $1.6 million fraud
NEWS PRACTICE MANAGEMENT MAR 12, 2020
SEC bars former wirehouse broker over $1.6 million fraud

The former rep at Wells Fargo and Morgan Stanley was sentenced to 30 months in prison last month