UBS
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.
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.
Morgan Stanley Sweeps in UBS Brokers and Manager in Upstate New York
Two advisors with 60 years of experience at a UBS branch near Buffalo, and their branch manager, migrated to Morgan Stanley.
J.P. Morgan Advisors, UBS Broker Migrate to RIAs in California and Texas
J.P. Morgan Private Bank advisor in San Francisco and Chase Private Client advisor in Houston left JPM in the last two weeks for independent advisory firms, while a UBS “Best Next-Gen” broker in Los Angeles and a Wells broker in Kansas have set up their own RIAs.
UBS Wealth Co-Chief Khan Sees ‘Quick Win’ in Lending to the Rich
Iqbal Khan, only weeks into his new role as co-head of UBS Group AG’s wealth-management business, said the bank should increase lending to its rich clients.
Merrill Raises Payouts in Retirement Transition Plan, Tweaks “Inheritor” Payoffs
In a move to keep senior brokers’ clients and compete with UBS and Morgan Stanley, Merrill adds 5 to 75 percentage points to payouts of those who transition their books internally.
J.P. Morgan Seeks TRO Against Florida Broker Who Joined UBS
J.P. Morgan filed to block a bank-based broker in Florida who left three weeks ago from contacting clients about joining her at UBS Wealth Management USA.
Morgan Stanley Hires UBS Pair in Texas Generating $3.2 Million
Hire is at least the sixth from UBS since September by Morgan Stanley, signifying that recruiting is back at some wirehouses.
Broker Accuses UBS of Skimming Fees on Separately Managed Accounts
Veteran advisor said he and other FAs were not credited for portion of wrap fees brokers believed were paid to external managers.
First Republic Hires $5-Million UBS Team in Los Angeles
Two wirehouse brokers who were managing $325 million in client assets are the second team in two months to have left UBS in southern California for the San Francisco-based bank.
UBS Gains $4.5-Mln Merrill Trio in Atlanta, Loses Giant Private Wealth Team in Wash. State
Merrill brokers overseeing $650 million for private wealth clients of a big equity comp consulting team bolted to UBS two weeks ago, while a 13-person UBS team in the Northwest managing $1.4 billion set up an independent RIA last week.
