Coronacrash
Goldman Q2 Wealth Revenue Jumps from 2019, Falls from Q1
Market appreciation and assets from Goldman’s 2019 purchase of United Capital boosted wealth revenue from a year ago, but it was off 9% from first quarter on Covid effects.
Wells Wealth Division Profit Down 70%, Advisor Count Extends Slide
Higher-than-expected credit provision bankwide hurts wealth unit, which also continued to dribble advisor headcount despite intensified recruiting efforts.
Investors Ride Covid Arc from Liquidity Panic to Nailing Down Legacy Plans
UBS survey conducted in May found growing interest once fears subsided in sustainable investing.
Wealthy Investors Worry About Lack of Cash If Pandemic Returns
The fallout from coronavirus has provoked fears among the world’s wealthy, with the majority planning to curtail travel and move closer to family in a world they see permanently altered by the pandemic.
RayJay Quantifies Boost in Assets, Fee Accounts from March Doldrums
Private client group assets at big regional jumped 4% in May from previous month and by 8% from a year ago on market appreciation and new brokers.
Edward Jones to Reopen “Home Offices” to Some Employees
Corporate employees of Edward Jones in Missouri, Arizona and Canada will trickle back to offices next month but it will be “a long time” before all of the partnership’s 6,500 home-office workers return, managing partner says.
New York City Barber Trims Shaggy Bankers Once Again
Wall Street deals are on hold. Its skyscrapers are mostly hushed. But, in a subtle sign of New York City’s reopening, Franco Anzalone is finally cutting hair again.
UBS Says One-Third of Staff Could Permanently Work Remotely
UBS Group AG may never bring all of its employees back to the office in a post-Covid-19 environment.
Robinhood’s New Traders Ignore Danger Signs to Bet on Stocks
Rich hedge fund managers are talking about it. So are not-so-rich millennials. And fast-twitch gamers, and bored sports fans and — in all likelihood — some 15-year-olds you know.
Morgan Stanley to Reopen About 50 Branches Next Week
Wirehouse will allow brokers in about 8% of its branches to return to their offices after four months of working from home, but like many companies is unlikely to open in densely populated areas until 2021, executives say.
Wells Sweeps Nine Brokers from UBS, Morgan Stanley in Past 10 Days
Morgan Stanley teams in California, Connecticut and Florida overseeing $465 million and UBS advisors in New York and L.A. managing $568 million make pandemic moves.
