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Morgan Stanley CEO Gorman sees 50% recession risk
NEWS INDUSTRY NEWS JUN 13, 2022
Morgan Stanley CEO Gorman sees 50% recession risk

But Gorman says he's more focused on nonfinancial risks, such as data stability, cyberattacks and operations risk.

Goldman faces SEC probe of ESG funds
INVESTING ESG JUN 11, 2022
Goldman faces SEC probe of ESG funds

The agency is reportedly looking into whether some of the investments for mutual funds offered by Goldman's asset management unit are in breach of ESG metrics promised in the marketing materials.

Wall Street and the SEC headed for clash on commission-free trading
NEWS REGULATION AND LEGISLATION JUN 10, 2022
Wall Street and the SEC headed for clash on commission-free trading

SEC Chair Gary Gensler argues the U.S. equities market is littered with hidden costs and conflicts of interest.

Inflation hits 40-year high, pressuring Fed and Biden
NEWS INDUSTRY NEWS JUN 10, 2022
Inflation hits 40-year high, pressuring Fed and Biden

The consumer price index rose 1% in May, topping all estimates, led by increases in the costs of shelter, food and gas.

Yellen says crypto is ‘very risky’ option for retirement savers
RETIREMENT RETIREMENT PLANNING JUN 10, 2022
Yellen says crypto is ‘very risky’ option for retirement savers

Treasury chief says it would be reasonable for Congress to regulate what assets could be included in tax-favored retirement vehicles.

Wells Fargo sells off on report of probe of fake job interviews
YOUR PRACTICE PRACTICE MANAGEMENT JUN 10, 2022
Wells Fargo sells off on report of probe of fake job interviews

The Manhattan U.S. attorney's office is reportedly investigating allegations the firm conducted sham job interviews of minority candidates to satisfy in-house diversity guidelines.

State Street falls after report it may acquire Credit Suisse
NEWS INDUSTRY NEWS JUN 09, 2022
State Street falls after report it may acquire Credit Suisse

Swiss blog says State Street could make an offer for bank. State Street says it’s focusing on Brown Brothers purchase.

SEC takes aim at payment-for-order flow
INVESTING EQUITIES JUN 08, 2022
SEC takes aim at payment-for-order flow

SEC Chair Gary Gensler is proposing sweeping changes to the rules underpinning the U.S. stock market, including a possible auction mechanism that would help retailer investors get the best pricing for their orders.

Wells Fargo pauses diversity rules for hiring after report of sham interviews
YOUR PRACTICE PRACTICE MANAGEMENT JUN 07, 2022
Wells Fargo pauses diversity rules for hiring after report of sham interviews

CEO Charlie Scharf said in a memo that the bank would halt the use of diversity guidelines for hiring as it reviews the reports of fake interviews.

Citadel Securities, Virtu form crypto plan with Fidelity, Schwab
INVESTING ALTERNATIVES JUN 07, 2022
Citadel Securities, Virtu form crypto plan with Fidelity, Schwab

The crypto offering, still in its early development, could be available late this year or early next.