Results for "jpmorgan chase"

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Wells Fargo chair denies rumors bank is seeking to replace CEO

September 20, 2018

Wells Fargo & Co. Chair Betsy Duke took the rare step of denying the bank is looking to replace its chief executive officer, saying the entire board backs him, following weeks of whispering on Wall Street that it had contacted former Goldman...

Wells Fargo plans to cut staff up to 10% within next three years

September 20, 2018

Wells Fargo & Co. plans to trim its workforce by about 5% to 10% within the next three years as CEO Tim Sloan works to pull the bank clear of a series of customer-abuse scandals and prop up a lagging stock price. The bank had 265,000 employees...

Bank of America to sell alternative operations with $20 billion to iCapital

September 19, 2018

Bank of America Corp. agreed to sell businesses that administer alternative investment feeder funds to iCapital Network, a financial technology firm led by a former Goldman Sachs Group Inc. banker. The operations for feeder funds, which pool...

Do-it-yourself deals are all the rage among rich investors

September 14, 2018

The champagne was flowing at a Hamptons gathering last month for members of Tiger 21, an investment club for the ultrawealthy. After some schmoozing, talk turned to a hot topic: do-it-yourself deal-making. Some attendees invested directly in...

10 years later, advisers still shudder recalling the financial crisis

September 13, 2018

When the 2008 financial crisis is documented by historians and market watchers, it's often pegged to Lehman Brothers' record-setting $691 billion bankruptcy. But for financial advisers the overall bear market period between 2007 and 2009 is...

Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch

September 6, 2018

Last week, Merrill Lynch said it was reversing its ban on commissions in individual retirement accounts now that the Department of Labor's fiduciary rule is officially dead. It turns out the home of the thundering herd is not the only retail...

Merrill Lynch can't reverse progress on eliminating conflicts of interest

September 5, 2018

The fiduciary rule is dead, but its spirit lives on. The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients' interests ahead of their own — when handling retirement accounts....

JPMorgan Chase reaches settlement in race case

September 4, 2018

As racial diversity tumbles on Wall Street, JPMorgan Chase & Co. has reached a settlement with financial advisers who say they were treated poorly because they're black. Six current and former employees at the largest U.S. bank filed what they...

Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule

August 30, 2018

Merrill Lynch is reversing its ban on commissions in individual retirement accounts, undoing a first-of-its-kind policy among the major brokerage firms that was established nearly two years ago as the Department of Labor fiduciary rule loomed...

U.S. banks continue to slash exposure to muni-bonds made less valuable by tax cuts

August 27, 2018

Some of the biggest U.S. banks have continued to slash their exposure to state and city debt since the federal government cut corporate tax rates, leaving the securities less attractive to the companies. JPMorgan Chase & Co., State Street Corp.,...

JPMorgan Chase axes about 100 asset management employees

August 22, 2018

JPMorgan Chase & Co. is dismissing about 100 workers in its asset-management division after a business review, according to a person briefed on the matter. The cuts are global and range across several businesses in the group, said the person,...

What advisers think of JPMorgan's new mobile investing app

August 22, 2018

JPMorgan Chase & Co. made waves Tuesday when it introduced You Invest, a mobile brokerage app launching next week with free and discounted trading for retail investors. The news was a direct shot at discount brokerages. Shares of Charles Schwab,...

JPMorgan offer of free trades hits discount brokerages

August 21, 2018

The biggest U.S. bank is joining an escalating battle for retail investors, and the news hit discount brokerages hard. JPMorgan Chase & Co.'s plan to roll out a mobile brokerage platform next week that includes free research and some free trading...

What's in a name? For TCA by ETrade, everything

August 18, 2018

Has Trust Company of America hitched its wagon to a star or turned its back on loyal clients? It depends on whom you ask. Either way, the $275 million acquisition in April of TCA by discount broker ETrade has the custodian world buzzing. In...

Trump wants SEC to look at axing quarterly earnings reports

August 17, 2018

President Donald Trump said he's asked the Securities and Exchange Commission to study ending quarterly reporting for U.S. businesses in order to ease regulations and spur growth. "In speaking with some of the world's top business leaders I...

Money managers prep for $1.5 trillion in corporate cash

August 17, 2018

The biggest U.S. asset managers are going head-to-head to win a piece of a $1.5 trillion corporate cash comeback. That's the sum companies are expected to bring onshore under the U.S. tax overhaul passed last year, according to Invesco estimates....

Bigger isn't always better when it comes to alternative investments

August 13, 2018

In recent years, retail alternative investment products, along with the companies that package them, have come under siege from regulators, investors, the press and even some advisers. None of this is a secret, and, quite frankly, some of the...

Jamie Dimon of JPMorgan Chase warns of 5% Treasury yields

August 6, 2018

Not content with a previous warning investors should brace for U.S. yields of 4%, Jamie Dimon went one further at the weekend, suggesting 5% was a distinct possibility. The JPMorgan Chase & Co. CEO said Saturday that people should be prepared...

Diversity trend plays out across Wall Street

August 3, 2018

Wall Street is looking a lot more diverse — at least for the summer. This year's crop of interns is Bank of America Corp.'s "most diverse group ever," the lender told investors on its second-quarter earnings call. Women comprise 45% of the...

Former Madoff customers argue it wasn't a Ponzi

August 3, 2018

Scores of Bernard Madoff's former customers are pushing for access to a massive database of trading records and other documents seized from the con man's now-defunct securities firm to advance a fringe theory about the epic fraud: It wasn't...

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