News
Wells Reorganizes Wealth Division, Melding Private Bankers into Brokerage Unit
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 Weighs Sale of Asset-Management Arm–Reports
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.
Merrill Taps Florida Manager Steve Alch for Southeast Division
Nineteen-year Merrill lifer prevails over 13 others in competition to manage 4,400-employee, $2.7 billion wealth management region, company said.
U.S. Consumers Lose Confidence on Their Finances
A weekly measure of U.S. consumer confidence fell to a seven-week low on significant declines in attitudes toward the economy and buying climate — just about two weeks before the presidential election.
Morgan Stanley Smoothing Restrictions on Eaton Vance Sales
Brokers servicing pension plan sponsors ask them to grandfather Eaton Vance holdings from affiliate-sale bans.
Wells Fargo to Eliminate 401(k) Match for High-Paid Employees–Sources
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.
J.P. Morgan Hires Top Merrill Private Advisor in San Francisco
Gwen Campbell, a $4-million-plus producer at Merrill Private Wealth, joined J.P. Morgan Securities with her three associates on Wednesday.
Morgan Stanley Sounds the WFH Conduct Alarm: Opinion
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.
Wirehouse Brokers Maintain Lead in Productivity Vs. Competitors–Study
Advisors at the four national “wirehouse” firms manage 124% more on average than do all industry advisors, according to Cerulli Associates.
Morgan Stanley Buys Barclays Stock Plan Business
Following megadeals for E*Trade and Eaton Vance, Morgan Stanley strengthens its European stock plan administration business.
UBS Americas Profit Rises Despite Advisor Losses, Asset Outflows
UBS reported record third quarter profit of $371 million despite declines in revenue, net asset outflows and a continued decline in its advisor force.
