UBS Reports Loss of $2.1B as Advisors Top $1M in Average Production
Plus, the wealth management unit in the Americas added nearly 30 advisors in the fourth quarter.
Obama Says Cliff Deal ‘in Sight’
Speaking from the White House, President Obama said Monday afternoon that a deal to avert the fiscal cliff--at least making sure taxes don't go up on middle class Americans--is "in sight."
UBS Streamlines McCann’s Leadership Team
UBS Americas trimmed a layer of management under CEO Robert McCann and increased the duties of some of wealth-management leaders, according to a memo released by McCann on Friday.
UBS’ Santucci on Training, Recruiting
Paul Santucci is COO of the UBS Wealth Management Advisor Group for the Americas, which includes about 6,900 FAs.
McCann Is Top UBS Americas Exec
UBS recently made Bob McCann head of UBS’ operations in the Americas and reassigned Philip Lofts to the post of chief risk officer for the Swiss-based firm. Maureen Miskovic, who had been chief risk officer for UBS since early 2010, left the firm.
Wells Fargo Adds $3.5M Morgan Stanley Team
The RDM/Dillon Group join Wells Fargo Advisors in Long Island, N.Y.
UBS Pushes Out Risk Chief; McCann to Head Americas Unit
Bob McCann takes over as CEO for the Americas business from Lofts, who re-assumes his role as chief risk officer for the global bank
Most Earnings Top Estimates on Mixed Advisor-Headcount News
Bank of America reported net income of $6.2 billion, or $0.56 per share, for the third quarter vs. a net loss of $7.3 billion, or $0.77 per share, last year — topping analysts’ estimates by a wide margin. Revenue, net of interest expense (and calculated on a fully taxable-equivalent basis)...
UBS to Trim Investment Bank, Emphasize Wealth Management
UBS revealed plans Thursday to strengthen its wealth-management units while scaling down its investment bank and introducing new performance targets companywide.
What’s Behind the U.S. Suing Big Banks Over Mortgage-Backed Securities?
More bank stock declines and less lending could be in store as financial institutions face another massive round of lawsuits. The Federal Housing Finance Agency sued 17 banks on Sept. 2, alleging that the financial institutions committed securities violations in the lead-up to the recent financial crisis.