Bank says it expects to retain just $2 billion of the $16 billion managed by flagship wealth team that broker away last month, but will gain relief from reduced compensation costs.
CEO of the vaunted investment bank says it could make more acquisitions of firms catering to the mass affluent following purchase of United Capital Financial Advisers.
Wells Fargo Advisors ended the second quarter with 427 fewer brokers than a year earlier, while client assets failed to grow as higher market valuations were offset by net outflows.
JPMorgan Chase & Co. was hit by the Federal Reserve’s about-face on interest rates in the second quarter, warning that lending income will fall in the second half.
Decision of a divided FInra panel follows a $7.8 million award UBS was ordered to pay customers in May over sales of Puerto Rico bonds and closed-end funds.
Charles Schwab Corp. appears to be making a play to grab more advisory clients as fees fall for asset management and trading.
Dallas office of J.P. Morgan loses $1.3 million producer Amy Sabin to Raymond James-affiliated independent firm the same day it hires an early-career wealth associate from UBS.
The bank’s services for the very wealthy and their businesses drove a 2% jump in revenue but failed to offset a 5% decline in its much large institutional trading and banking businesses.
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Mario Lamar and Carlos Bonzon, who were managing some $1 billion of assets, will operate from Morgan Stanley offices in Miami and New York after nine years with J.P. Morgan.