Wells Fargo Pulls Bonuses, Claws Back Top Exec Awards
Bogus-account scandal costs eight leaders pay, equity awards; CEO Tim Sloan, CFO John Shrewsberry among those affected.
American College Starts Black Broker Scholarship Program
The fund aims to boost the share of advisors who are African-American, which is now less than 8%.
Wells Fargo Robo Pilot Set for Summer; Rollout for Late 2017
The service, to be called Intuitive Investor, aims to bring in new, younger clients to its wealth management unit.
Morgan Stanley Takes $70M Charge for Tax-Reporting Errors
The wirehouse said the tax-reporting issues affected wealth management clients from 2011 to 2016.
JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours
A learning machine is parsing financial deals that once kept legal teams busy for thousands of hours. And that's just the start for JPMorgan.
11 Best & Worst Broker-Dealers: Q4 Earnings, 2016
Earnings growth in the financial sector has been robust so far, according to LPL’s CIO Burt White.
Broker-Dealers Spotlight Technology
While regulatory issues are keeping the wirehouse and other employee-advisor firms busy, other operational matters demand their attention, too.
Merrill Trims Fees for Some Clients With Less Than $1M
The cuts could bring charges down to roughly 2.2% of assets, saving clients some $5,000 a year.
Triad Adds OSJ With 11 Reps, $5B in Assets: Recruiting Roundup
Meanwhile, Cambridge promotes executive; Echelon Partners taps ex-LPL M&A specialist, others for new roles.
Wells Fargo Fires Managers, Denies Bonuses in Account Probe
Bank doesn’t specify what prompted four managers’ termination; board may yet release more information, source says.