News
Wells Fargo Denies Reaching Out to Ex-Goldman Leader to Replace CEO
The New York Post reported Thursday that members of the bank’s board are in talks with Harvey Schwartz to take over as CEO, citing unidentified people.
UBS Shutters Training Program for Financial Plan Developers
The Swiss bank’s U.S. wealth arm “effective immediately” is no longer hiring wealth planning associates, trainees who help teams write financial plans and were a farm club for the next generation of advisors.
Wells Fargo Hits More Bumps as It Tries to Move Past Scandals
A federal judge said he’s not ready to sign off on Wells Fargo & Co. collecting $240 million in insurance payments from 20 bank officials in connection with the lender’s unauthorized-accounts scandal — even though the settlement was touted as the largest-ever of its kind.
Ameriprise Adds Wells Broker, Waddell Manager Leaves for RIA
Broker in Atlanta managed $222 million for Wells customers before jumping to Ameriprise while a Waddell’s Washington State manager joins an independent advisory firm.
UBS Eliminates Practice Management Consulting Unit in U.S.
In an apparent cost-cutting move, the Swiss banking giant has eliminated a longstanding group that coached financial advisors on growing assets and teaming.
UBS Says First Quarter `One of the Worst’ in Recent History
UBS Group AG Chief Executive Officer Sergio Ermotti gave the most decisive verdict yet on the difficult markets faced by Europe’s investment banks, describing conditions as the toughest in years.
Ameriprise Clips CEO Cracchiolo’s Pay by 23% in Say-on-Pay Reaction
Firm imposed new limits on James Cracchiolo’s incentive pay after a majority of Ameriprise shareholders voted their discontent over executive pay.
Ex-NBA Star Person Pleads Guilty in NCAA Bribery Scheme Involving Advisor
Former National Basketball Association star Chuck Person admitted to taking thousands of dollars in bribes to steer college players to hire a financial advisor after they turned professional.
UBS Woos Cash with Sky-high 3% One-Year CD
Teaser rate in short-term offer was promoted in mass mailings to customers, irritating some brokers who weren’t given chance to opt their clients out of the offer.
LPL Brokers in Wisconsin Leave for Competitors
Commonwealth Financial lures a three-decade independent broker who was managing $370 million in client assets while one with 20 years of experience who oversaw $173 million for LPL customers joined Ameriprise.
Rockefeller, Wedbush Draw Managers from Wilmington Trust
Rockefeller names Matt Panarese to run Philadelphia wealth unit, while Wedbush replaces longtime brokerage head with Chris Mone, another former Wilmington Trust regional head.