News
Morning Brief: Fidelity Profit Tops $6 Bln on Business Expansion
Top stories from around the web.
Morgan Stanley Gives Brokers Reprieve on Mutual Fund Conversions
A program automatically converting “C” shares to less broker-remunerative “A” shares after six years will begin in June rather than the original March date.
Apple, Goldman Are Said to Test Joint Credit Card Within Weeks
Apple Inc. and Goldman Sachs Group Inc. will begin testing a jointly developed credit card with employees in the next few weeks, according to people with knowledge of the matter.
Alex. Brown Adds Million-Dollar Merrill Broker in San Francisco
New hire appears to be the first in the Bay area for the slow-growing “high-net-worth” business that Raymond James bought from Deutsche Bank in 2016.
Philadelphia Sues Seven Banks Over ‘Collusion’ in Muni Deals
Philadelphia sued seven banks including JPMorgan Chase & Co. and Bank of America Corp., accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works.
Morning Brief: Billionaire Optometrist’s Investment Secret: “Buy, Never Sell”
Top stories from around the web.
Morgan Stanley Subs Private Wealth Manager in Chicago, Nabs Merrill Beverly Hills Broker
Also hires new manager in Manhattan Beach, Calif., with mandate to build high-net-worth broker force
Wells’ New Deals Attract Morgan Stanley Advisors Down South
Recruits $4.3-million duo in Alabama, $1.7-million veteran in Mississippi and $1.5-million team in Boca Raton from wirehouse competitor on even of President’s Day weekend.
UBS Ordered to Pay Record $5.1 Billion in French Tax Trial
UBS Group AG was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of helping wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 4.8 percent.
Morning Brief: Cetera Searches for New CEO
Top stories from around the web.
Wirehouse to Wirehouse: UBS Picks Up Big Boston Team from Morgan Stanley
In addition to losing a Beantown duo said to be producing $3.5 million, Morgan Stanley bid farewell on Friday to a Boston complex manager who joined Raymond James.