Coronacrash
Raymond James Slashes CEO Pay 17% in Turbulent Year
Chief executive Paul Reilly earned $11.1 million in 2020 as RayJay’s board said it “significantly” reduced annual bonuses for senior executives in light pandemic-related declines in earnings.
Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year
Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he expects to have all his employees back at their offices by the end of the year as the vaccine rollout ramps up.
J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim
Arbitration panel OKs expungement of complaint that no advisor called a client to discuss his managed account when markets were tanking early this year.
Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth
The largest brokerage firm by headcount added 181 advisors in the third quarter and 837 in the past year, but warned of a new-office slowdown amid virus uncertainty.
Merrill Wealth Slowly Eases Out of Covid Slump
Revenue in the third quarter inched up 3.3% from the doldrums of the second quarter despite 61% decline in new client money.
2021 COMP: Firms Likely to Keep Grids Intact Amid Covid Uncertainty
Seeking to reduce disruption after a year turned upside down by the Covid-19 pandemic and market volatility, firms will not make major changes to next year’s comp plans, consultants say.
Wells Fargo Resumes Job Cuts in Break With Top U.S. Competitors
Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.
Morgan Stanley to Move Forward with Tougher Grid Hurdles in October
After a six month delay aimed at providing brokers with relief from potential pay cuts during the fallout from the coronavirus, the firm confirmed it is moving forward with its grid adjustments as planned.
Day Trade Boom 2.0: Advisors Are First Line of Defense Amid Rise in Speculation
Boom in potentially risky behavior can be an opportunity for advisors to prove their value with behavioral coaching and guidance for clients looking to make speculative plays, according to a Cerulli study.
Finra Suspends Ex-Jones Broker over DIY Customer Settlement
Topeka, Kansas broker paid customer $2,500 to resolve a complaint that her account declined in value after the broker delayed in closing the account during the March market crash.
Edward Jones Restores Pay Raises as Q2 Net Income Inches Up
Nation’s biggest employer of brokers lifts freeze on raises that were imposed at the start of the pandemic, but continues new-advisor training halt and ban on overtime pay to branch and home-office employees.
