Wells Fargo Doubles Cost Slashing as Scandal Spurs Tech Push
Bank says it will eliminate $4 billion of expenses by 2019; management abandons longstanding target for efficiency ratio.
Arkadios Capital Nabs $1.8B Triad RIA, LPL Grabs $420 Merrill Team
Meanwhile, Kovack Securities buys broker-dealer with $200 million and seven advisors.
Financial Services Is Industry Most at Risk for a Mega-Cyberattack: AIG Survey
The survey of cybersecurity experts found that an attack on 5-10 companies simultaneously is highly likely this year, and much broader attacks are possible.
Buffett Says Wells Fargo 'Totally Wrong' in Approach to Scandal
Bank failed to act promptly when problems flagged, Buffett says; Berkshire is largest shareholder in Wells Fargo.
Munger Says Fellow Republicans Are ‘Bonkers’ for Taking Away Bank Regulations
He says banks need to act in a "careful, standardized way"; Trump has called Dodd-Frank regulation a "disaster."
David Gergen Handicaps the Republican Agenda
The former presidential advisor says passage of a health care bill will clear the way for smaller than expected tax cuts and deregulation.
Morgan Stanley Could Cut FA Comp for Vanguard Funds: Report
But a Morningstar executive questions the value of such a strategy for both clients and advisors.
RBC, Amerprise Add Wirehouse Reps: Recruiting Roundup
Meanwhile, Raymond James grabs a Morgan Stanley executive; CapTrust brings InTrust into its network.
Raymond James Taps Popular UBS Exec for Private Client Post
After Raymond James announced that Kim Jenson would be COO of the group, coming from UBS, fan mail poured in, group head Tash Elwyn said.
UBS Americas to Boost Product Sales as Recruiting Focus Fades
The group, which tops rivals with average fees and commissions, is shifting its strategy, says CFO Kirt Gardner.