Wells Fargo & Co. is suspending new job cuts, joining lenders on both sides of the Atlantic that are giving workers a reprieve as they grapple with the impact of the coronavirus.
“We have paused initiating new displacements,” spokeswoman Beth Richek said Thursday in a statement. “We will continue to evaluate during this fluid situation.”
The bank joins Citigroup Inc. and Morgan Stanley in pledging to preserve jobs as the pandemic roils markets and businesses, and raises the prospect of deep losses across the industry. In Europe, HSBC Holdings, Deutsche Bank and Lloyds Banking Group are among the companies doing the same.
Wells Fargo has the largest workforce of any U.S. bank, with approximately 260,000 employees at year-end.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
