News
‘Luminous’ Advisors Who Bolted First Republic Keep 88% of Assets
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.
Merrill Plans No Major Comp Changes in 2020
With average Merrill broker on track to produce $1.4 million of 2019 revenue and bring in six new households, firm executives are satisfied with existing carrot-and-stick compensation programs.
Goldman Closes Purchase of RIA Catering to Mass Affluent
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’ Broker Count Slipped in Q2, Client Assets Flat-Lined
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 Falls as Lending Outlook Suffers From Fed Reversal
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.
UBS Hit with $4.88 Million Puerto Rico Arbitration Award
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.
Schwab in Talks to Buy USAA Wealth, Brokerage Units, WSJ Reports
Charles Schwab Corp. appears to be making a play to grab more advisory clients as fees fall for asset management and trading.
Steward Attracts Veteran Broker in Texas from J.P. Morgan
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.
Citigroup Opens Earnings Season with Private Banking Boost
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.
This Week’s Top Stories: Edward Jones Prevails in Reverse Churning Suit, Morgan Stanley Wins TROs, and More
Most popular stories from July 7 to July 13
Ten-Million-Dollar J.P. Morgan Duo Joins Morgan Stanley
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.
