Wells Fargo Advisors head Jim Hays to add private bankers to his realm in an efficiency push that creates “one overarching management structure.”
Wells Fargo & Co. is exploring the sale of its asset-management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter.
Nineteen-year Merrill lifer prevails over 13 others in competition to manage 4,400-employee, $2.7 billion wealth management region, company said.
Brokers servicing pension plan sponsors ask them to grandfather Eaton Vance holdings from affiliate-sale bans.
In latest effort to restore capital strength and shave $10 billion of annual expenses, Wells Fargo will eliminate 401(k) match for employees making $250,000 or higher, while improving benefits for lower-paid employees.
Gwen Campbell, a $4-million-plus producer at Merrill Private Wealth, joined J.P. Morgan Securities with her three associates on Wednesday.
Two of Morgan Stanley’s most senior trading bosses are leaving after the company discovered the use of unauthorized communications technology, including the WhatsApp messaging app, according to Bloomberg News.
UBS reported record third quarter profit of $371 million despite declines in revenue, net asset outflows and a continued decline in its advisor force.