News
Wells Fargo Fined $1 Billion Over Consumer-Business Missteps
Wells Fargo & Co. will pay $1 billion to settle U.S. probes into mistreatment of consumers, the largest sanction of a U.S. bank under President Donald Trump, as the firm tries to resolve a year and a half of scandals across its operations.
Marc Brookman, Longtime Head of Morgan Stanley’s Graystone Unit, Resigns
Head of the retail managed-money unit servicing “institutions” such as foundations, nonprofits and small corporations, is said to be joining Schroders.
Former Morgan Stanley Exec Ketterer Goes Indie as New CEO of Cadaret Grant
Wirehouse veteran agrees to put his private-equity funded firm’s capital into the Syracuse, NY, firm that operates through 900 independent brokers.
Morgan Stanley’s Latest Broker Gag Effort Moves to Arbitration
Firm suspends motion for restraining order against New Jersey broker who affirms that he does not have documents or data from his former employer.
Brokers Likely to Get a Break From Complicated Trump SEC Rules
Analysts see the U.S. Securities and Exchange Commission’s proposal to overhaul its conflict-of-interest rules for brokers as positive for the industry. At the same time, they caution that the proposal is lengthy and will take time to fully interpret.
SEC Proposes ‘Best Interest’ Standard for Brokers and Their Customers
Controversial rules would require enhanced disclosures about conflicts but critics say they largely preserve the status quo.
Morgan Stanley Execs: Broker Attrition Sinks, Offsetting Recruiting Drought
Executives at the wirehouse that led the exit from the Broker Protocol aren’t sweating modest erosion in advisor headcount.
Morgan Stanley Wealth Profit Jumps 19% on Fees and Loans
Despite slight decline in brokers, wirehouse posts record $1.2 billion in pre-tax profit on 8% jump in revenue.
Morgan Stanley Seeks TRO Against New Jersey Broker Fired Last Week
Broker embroiled in a dispute over production credits with senior partner joined Capitol Securities the day after his termination.
Merrill Exile Riley Etheridge Resurfaces at American Funds
The right-hand man to former Merrill Wealth boss John Thiel is now running client analytics at the Los Angeles-based fund giant.
HighTower to Buy Salient Private Client in Houston
Fueled by its private equity recapitalization, the Chicago-based aggregator of RIA firms inks its biggest single-office deal since its founding.