October 24, 2020
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.
- 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.
- Wirehouse Wars: Wells Loads Up on October Hires from UBS, Morgan Stanley, Merrill
Wells Fargo’s seesaw battle to rebuild its advisor force yields three million-dollar teams from rivals in California and Vermont despite net erosion in headcount.
- UBS Sued for Closing Accounts of U.S. Citizens Living Abroad
Class-action filing alleges that UBS failed to properly notify clients of its 2014 decision to freeze investment accounts of U.S. customers living abroad, and kept interest for itself.
- Morgan Stanley Smoothing Restrictions on Eaton Vance Sales
Brokers servicing pension plan sponsors ask them to grandfather Eaton Vance holdings from affiliate-sale bans.