The head of Citigroup Inc.’s private bank in North America moved cross-country to San Francisco last year to court the Bay Area’s growing pool of wealthy entrepreneurs and newly minted tech millionaires.
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Ron Thacker, a regional manager since 2001, left the wirehouse Friday morning and is being replaced by Chicago-based regional director Steve Austin.
Sanction is latest in string of fines against firms accused of selling high-cost fund share classes to certain retirement plan and charitable-account clients eligible for less expensive shares.
HighTower now manages back-office arrangements for Egan’s Madison, New Jersey, office while he spends more time recruiting clients and works out with a personal trainer.
Forty percent of CEO Paul Reilly’s performance awards in a record year for profit and revenue were paid in cash, Florida company says in its proxy statement.
Regulator’s 2020 exam priorities include quality of disclosure about bank sweep programs and whether firms seek more trade execution rebates and payments to make up for lower commissions.
Newman, who gained notoriety for allegedly working with college admissions scandal mastermind Rick Singer, had been with the wirehouse since 2004 and managed its Pasadena complex.