News
Merrill Reaches Half-Million-Dollar Settlement in Overtime Class-Action Suit
Supervisory analysts who reviewed brokers’ emails alleged they often worked extended hours and on weekends but were illegally classified as exempt from overtime pay.
Europe’s Banks Now ‘Too Small to Survive,’ UBS’s Ermotti Says
UBS Group AG Chief Executive Officer Sergio Ermotti said European banks are too small to compete with their U.S. peers and will need to consolidate in order to ensure survival and growth.
Finra Raps Ex-Morgan Stanley Broker over Unauthorized Trades
Michigan broker with almost 50 years of industry experience accepted a three-month suspension and $5,000 fine for making over a hundred trades without permission, according to the regulator.
Advisor Group to Acquire Ladenburg in $1.3 Billion Deal
New company will preserve the nine brokerage brands and multi-clearing model for Ladenburg and Advisor Group’s almost 11,500 independent brokers.
Wall Street Bonuses Set to Drop as Banks Focus on Cost Cuts
Bonuses across Wall Street are poised to drop in 2019, according to a report Tuesday by compensation consultant Johnson Associates Inc.
Investor Confidence in Stocks Rightly Declines: Opinion
As the Dow Jones Industrial Average, S&P 500 Index and Nasdaq Composite Index all set new marks last week, there were no shortage of studies released that crunched data going back to the 1920s to prove that purchasing stocks when indexes hit record highs generates better risk-adjusted returns than simple buy-and-hold strategies.
Merrill Fills Management Gap in Kentucky, Another One Opens in Arizona
Merrill Lynch hired a longtime complex manager from Wells Fargo to oversee its Louisville-area offices but has eased out another manager in Scottsdale.
UBS Fined by Hong Kong for a Decade of Overcharging Clients
Hong Kong regulators fined UBS Group AG 400 million Hong Kong dollars ($51 million) for overcharging global wealth management clients during almost a decade and flagged concerns about serious and systematic problems with the bank’s internal controls.
SEC Fines Morgan Stanley $1.5 Million for Fund Share Fraud
Morgan Stanley’s systems failed to put some retirement plan clients and charitable accounts into less expensive fund-share classes that were created for them.
Another Edward Jones Day, Another Opening of New Offices
St. Louis-based brokerage giant added a net 331 advisors in its third quarter, finishing with 18,505 brokers to cement its position as the industry’s largest employer by population.
J.P. Morgan, Schwab Win Orders Handcuffing Breakaway Brokers
J.P. Morgan Securities and Charles Schwab scored legal victories this week from departing brokers who were allegedly using firm-owned data to solicit former clients.
