News
This Week’s Top Stories: Wells Reverses Course on Benefit Cut, JPMorgan Hires Top Merrill Broker in CA, and More
Wells Fargo Reverses Plan to Eliminate 401(k) Match
Backlash over elimination of the benefit for people earning $250,000 and up led top executives to reverse the cost-savings decision.
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.
Morning Brief: Goldman Taking Millions from Execs after Fraud Settlement
Stories of interest from around the web
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.
Morgan Stanley Smoothing Restrictions on Eaton Vance Sales
Brokers servicing pension plan sponsors ask them to grandfather Eaton Vance holdings from affiliate-sale bans.
Morning Brief: Market Stumbles Amid Stalled Virus Relief Plan
Stories of interest from around the web
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.
