This Week’s Top Stories: Veteran UBS Manager Shifts to Merrill, Merrill Lowers Bonus Bar, and More

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1. High-Profile UBS Manager Joins Merrill
   Kenneth Correa, who UBS has cited as an exemplar of its new-generation management and its diversity philosophy, is leaving after 15 years for the Thundering Herd.
2. Merrill Lowers Goalposts for “Client Engagement” Bonus
   Bank of America-owned firm lowers barrier for brokers to meet bank-product sales bonus after they complained of being stretched in too many directions.
3. Cetera’s Summit to Pay $880,000 over Supervisory Lapses
   Independent broker-dealer failed to identify excessive trading in customer accounts and improper reports to customers, Finra says.
4. $3-Million UBS Team Goes Indie with LPL and Gladstone
   Duo in New Jersey were managing $350 million at the wirehouse where they worked for a decade.
5. Another Merrill Vet—$2 Million Producing Manager in Texas—Joins Sanctuary
   Indiana-based independent firm run by ex-Merrill regional director hires second Merrill recruit in two weeks.