5 Takeaways From BofA, Wells Fargo Q3 Earnings
Consumer lending shows cracks on the second day of earnings season; the four largest U.S. banks cut their combined workforce after a pause.
Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages
The bank takes a $1 billion charge for a pre-crisis mortgage probe; the surprise charge adds to headaches from the fake-accounts episode.
HighTower Nabs $500M JPMorgan Team, $230M Merrill Rep: Recruiting Roundup
Also, Wells Fargo attracts two Morgan Stanley reps with $370 million; Cetera adds new bank client with $225 million.
Raymond James to Grab $5B Clearing Client From Pershing
It also recruited a husband-and-wife team from Merrill Lynch with some $160 million in assets.
Indie BD Reps Most Likely to Outsource Model Portfolios: Cerulli
Advisors making their own investment decisions increases potential liability for broker-dealers under the DOL fiduciary rule.
Former Wells Fargo Exec Acquires Part of $800M FiNet Team
In other news, Focus Financial helps two partner firms complete merger deals.
RBC Wealth Grabs Rival’s Top Recruiter
Michael Parker was an executive vice president and chief development officer for HighTower Advisors.
FINRA Zeros In on Bad Brokers, Arb Transparency and New Enforcement
It's been a little over a year since Robert Cook took the helm as CEO of the Financial Industry Regulatory Authority and launched a top-to-bottom review of the self-regulator via the FINRA360 initiative.
Merrill’s Big Tech Push to Reshape Client Interaction
Digital wealth chief Kabir Sethi tells Research on Wealth how Merrill plans to reshape the way clients and advisors interact with the firm through technology.
How 4 Big US Banks Stack Up With Customers
JPMorgan, for one, is popular with millennials, Brand Finance reported.