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JPMorgan $1B brother-sister team leaves to start own firm
RIA NEWS MAY 26, 2021
JPMorgan $1B brother-sister team leaves to start own firm

Christian Habitz and Sarah Damsgaard's firm, Invictus, has partnered with Dynasty Financial and will have offices in Chicago, Miami and Milwaukee.

Bank CEOs scolded by senators
REGULATION, LEGAL & COMPLIANCE MAY 26, 2021
Bank CEOs scolded by senators

Banking Committee Chairman Sherrod Brown challenged the executives 'to be as good to the American people as the nation has been to you.'

Bets against S&P 500 ETF jump to highest this year
EQUITIES MAY 26, 2021
Bets against S&P 500 ETF jump to highest this year

With the benchmark equity gauge near its all-time high, short interest in the $357 billion ETF is rising.

Square takes aim at big banks with checking, savings accounts
FINTECH MAY 25, 2021
Square takes aim at big banks with checking, savings accounts

The payments processor plans to offer both types of accounts to the small businesses that use its app, according to hidden code in a recent update to its app.

Biden orders climate risk strategy for financial assets
REGULATION, LEGAL & COMPLIANCE MAY 21, 2021
Biden orders climate risk strategy for financial assets

The executive order mandates an assessment of how to reduce climate risks to financial stability; the assessment would also detail plans financial regulators have for bolstering disclosures.

Morgan Stanley defies bank diversity trend
PRACTICE MANAGEMENT MAY 20, 2021
Morgan Stanley defies bank diversity trend

The leadership changes announced May 20 position a slate of potential successors to CEO James Gorman who are mostly white and male.

Treasury calls for reporting crypto transfers over $10,000 to IRS
ALTERNATIVES MAY 20, 2021
Treasury calls for reporting crypto transfers over $10,000 to IRS

The announcement pared Bitcoin's rebound from Wednesday's rout, shaving about $3,000 from the token's price.

Goldman joins banks exploring green equity as new ESG asset
EQUITIES MAY 20, 2021
Goldman joins banks exploring green equity as new ESG asset

Thirteen years after the first green bond, some financial firms are now working on creating a market for green stocks that meet measurable climate metrics.

Morgan Stanley CEO Gorman revamps leadership
PRACTICE MANAGEMENT MAY 20, 2021
Morgan Stanley CEO Gorman revamps leadership

Andy Saperstein, head of wealth management, was named co-president along with Ted Pick, head of trading, as Gorman positions a small group as his most likely successors.

UBS to cut 700 jobs across wealth unit, investment bank
WIREHOUSES MAY 19, 2021
UBS to cut 700 jobs across wealth unit, investment bank

Over the next three years, the positions are expected to be eliminated in Switzerland alone, with the bulk at the corporate cost center and about 200 between wealth management and the bank’s Swiss unit for personal and corporate banking.