February 22, 2020
This Week’s Top: Morgan Stanley to Buy E*Trade, Two Big Goldman Exits, and More
- Morgan Stanley Sells E*Trade Deal to Advisors
Promises integration without disruption—no need for SmithBarney-like platform integration—and potential to add E*Trade clients moving up the advice scale.
- Goldman Loses Two Teams Generating $32.5 Mln to UBS, First Republic
Goldman groups overseeing some $6 billion in Boston and L.A. and $4 billion in New York jump to competitors.
- Morgans (Stanley and J.P.) Lure $4-Mln-Plus Teams from UBS and Merrill
Five-million-dollar Boston team leaves UBS for Morgan Stanley while $4.1-million Florida duo lead team from Merrill to J.P. Morgan Securities.
- Schwab Awarded 16-Month Injunction Against Broker Who Jumped
Virginia advisor who joined an LPL-affiliated firm two years ago agrees to refrain from further calling former clients, even if he had contact information from memory, but avoids monetary penalties.
- Pershing Ordered to Pay $5.6 Mln to Victims of Stanford Ponzi Scheme
In a rare award for investors burned by convicted fraudster R. Allen Stanford, an arbitration panel on Wednesday ordered his defunct company’s clearing firm to pay 23 of them $5.64 million.