Morgan Stanley to Pay SEC $7.5M Over Trading Scheme
Morgan Stanley used trades involving institutional clients’ cash to lower its borrowing costs, the SEC said.
Wells Fargo to Stop Paying Brokers Bonuses for Selling Loans
Brokerage unit is said to be keeping its basic pay grid but doing away with bonuses for selling products like mortgages or credit lines.
Wells Fargo Lining Up Robot Stock Pickers for Its First Ever ETF
The bank’s fund unit is considering launching its first ETF within three to six months, company executives said.
Wells Fargo Tie-Up That Scarred Prudential Generated $4M
We don’t gauge the importance in financial terms, insurer says; Prudential stands by MyTerm product for providing value.
Raymond James Adds 2 Teams; Wells Fargo Nabs Breakaways: Recruiting Roundup
Meanwhile, LPL Financial attracts affiliated advisors from rival IBDs, as RBC hires a longtime Merrill advisor with long career at Merrill Lynch.
Schwab to Launch Hybrid Robo-Advisor Service
Schwab Intelligent Advisory combines the service of a “live credentialed professional and logarithm-driven technology.”
Betterment for Advisors Partners With FPA
The strategic partnership will help educate advisors about using technology to serve more clients, according to the FPA.
A Big Data Solution for Proactive Compliance Programs
For forward-thinking firms, internal investigations via big data monitoring are part of their regulatory compliance program, rather than a result of alleged misconduct.
Wells Fargo Faces California, New Jersey Probes Over Sales
Regulators investigate allegations of fraud, misconduct; Prudential also faces review after whistleblower lawsuit.
Trump's Treasury Pick Has a $230 Million Blemish on His Record
Soon after Steve Mnuchin sold OneWest Bank last year, problems emerged that may tarnish his record there.