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Markets looking for policy details in Trump's speech

February 27, 2017

Donald Trump's address to Congress on Tuesday is taking on the importance of a State of the Union speech when it comes to U.S. financial markets. For investors relying on more than a year of campaign promises of a pro-growth agenda to push U.S....

SEC hits Citigroup advisory unit with $18.3 million penalty for overbilling clients

January 26, 2017

Citigroup Global Markets Inc. agreed to pay $18.3 million to settle Securities and Exchange Commission charges that it overbilled investment advisory clients, the agency announced on Thursday. From 2000 until 2015, the Citigroup unit overcharged...

Smooth transition expected at LPL Financial under new CEO Dan Arnold

December 5, 2016

A smooth transition is expected when Mark Casady hands over the reins of LPL Financial to Dan Arnold in January, with one analyst saying the CEO's departure at this time indicates the company is likely not for sale after all. According to an...

Former Citigroup broker claims she was victim of gender discrimination

November 29, 2016

A former Citigroup Inc. broker in New York has sued the bank claiming she was reduced to “a glorified secretary” because of her gender and fired when she reported a superior for violating rules designed to prevent insider trading. Erin Daly...

LPL hired Goldman after receiving an unsolicited acquisition offer

October 13, 2016

After receiving an unsolicited offer from a potential buyer that it considered low, LPL Financial Holdings Inc. hired Goldman Sachs Group Inc. to evaluate the bid, according to sources inside and outside LPL who are familiar with the matter....

Morgan Stanley adviser who managed $240M in assets jumps to Merrill Lynch

September 27, 2016

A financial adviser who previously managed more than $240 million in client assets has left Morgan Stanley to join Merrill Lynch. Brad Weinman serves high-net-worth individuals and families in West Palm Beach, Fla. Last year, he generated revenue...

Morgan Stanley team managing $600 million in assets joins Wells Fargo

September 26, 2016

A group of Morgan Stanley financial advisers that managed more than $600 million of client assets has joined Wells Fargo Advisors. Michael Dechiario, managing director, and Thomas Charmley, senior vice president, will lead a team that includes...

Morgan Stanley urges advisers to embrace female-friendly investment strategies

September 21, 2016

Morgan Stanley is urging its financial advisers to talk with clients about investing in companies that are supportive of women through employment or their products and services. The investment firm this week began providing its almost 16,000...

Morgan Stanley team with $427M in assets jumps to Wells Fargo

September 6, 2016

A team of financial advisers that manages $427 million of client assets has left Morgan Stanley for Wells Fargo & Co.'s brokerage business. Brian Latz, John Cicillini and Kenneth Cariota last week joined Wells Fargo Advisors' branch in Paramus,...

Finra panel directs broker to pay Wells Fargo almost $1 million after his termination

August 4, 2016

Broker Robert Edward Loftus must pay Wells Fargo almost $1 million in compensatory damages after his termination in 2013, according to the Financial Industry Regulatory Authority Inc. An arbitration panel decided that Mr. Loftus owes the firm...

Finra bars broker James Van Doren for money laundering scheme

April 25, 2016

The Financial Industry Regulatory Authority Inc. said Monday it barred broker James Van Doren for a money laundering scheme that deceived creditors who were attempting to claim assets of his friend's business. Mr. Van Doren, who was earlier...

U.S. stocks join global slide as financials lead selloff

February 11, 2016

U.S. stocks fell, with the Standard & Poor's 500 Index remaining near a 22-month low, as investors shunned risk worldwide amid concern that central-bank efforts to support growth are losing their potency. Banks led the early retreat, with Citigroup...

LPL faces reckoning from activist investor

September 25, 2015

LPL Financial Holdings Inc. could be in for a fight as it finds itself the target of an activist investor with a history of pushing for major reforms. Marcato Capital Management, led by Richard McGuire, disclosed this week that it had accumulated...

Wells Fargo lands two Morgan Stanley teams with $1 billion combined

September 22, 2015

Wells Fargo Advisors recruited two teams of financial advisers from Morgan Stanley Wealth Management with a combined $1 billion in assets. The larger team of advisers that joined Wells Fargo on Aug. 26 includes Jonathan Schlackman, Alan Weintraub...

Larry Roth steps down from RCAP board after four months

September 1, 2015

Four months after joining the board of directors for RCS Capital Corp., Larry Roth, chief executive officer of Cetera Financial Group, is resigning from the board, according to an announcement from the company late Monday. The company said in...

UBS scoops up $950M Morgan Stanley team

August 28, 2015

Fresh off the announcement that the Swiss wirehouse had picked up four advisers with $870 million in assets under management from Merrill Lynch, UBS Wealth Management Americas nabbed a team from Morgan Stanley with $950 million. The four brokers,...

Citi to pay $180 million for hedge fund sales linked to Smith Barney

August 17, 2015

Citigroup Inc. has agreed to pay $180 million to settle charges tied to two hedge funds that the SEC said were improperly marketed and sold by private bankers and Smith Barney brokers in the run-up to the financial crisis. Citigroup's alternative...

Ponzi schemer haunts AIG Advisor Group in arbitration decision

August 14, 2015

FSC Securities Corp. is on the hook for a $1.28 million arbitration award to investors who were swindled by notorious con man Aubrey Lee Price, who faked his death in 2012 to escape an investigation into a $40 million Ponzi scheme. The eight...

OppenheimerFunds says Puerto Rico can pay its debts; governor says no

July 11, 2015

Puerto Rico's governor says the island's $72 billion debt load is too big to pay. OppenheimerFunds Inc., the largest mutual-fund holder of the bonds, disagrees. As Alejandro Garcia Padilla begins to make the case for delaying debt payments,...

Focus Financial takes stake in $1 billion wealth adviser

July 1, 2015

Focus Financial Partners on Wednesday took a stake in a Chicago-area adviser managing more than $1 billion in assets. The deal for Northbrook, Ill.-based firm Relative Value Partners brings to 35 the number of firms that have affiliated with...

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