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Morgan Stanley gets serious about a new CEO
Wealth management boss on shortlist of three to replace outgoing Aussie.
Finra sues smoothie-throwing broker for ducking cash reporting rules
James Iannazzo made cash transactions totaling close to $846,000 to avoid detection, the regulator alleges.
UBS plans to cut over half of Credit Suisse employees
Banks, traders and support staff in Credit Suisse's investment bank in London, New York and some parts of Asia are expected to bear the brunt of the cuts.
UBS could get hit with hefty fines over Credit Suisse’s dealings with Archegos
The Federal Reserve’s fine over Archegos may be as high as $300 million, while the UK’s Prudential Regulation Authority could impose a penalty of up to $128 million.
LPL nabs advisor managing $325 million at Merrill Lynch
Christopher Coffin is opening a new firm, Coffin Financial Group, in Austin, Texas.
Wells Fargo adds sports and entertainment program
The firm cited the sports and entertainment accredited wealth management advisor designation rolled out in 2022 by the College for Financial Planning as a factor that will help advisors meet such clients' needs.
With Credit Suisse deal done, UBS sets team to lead wealth management
Veteran UBS wealth management executive Tom Naratil is not part of the new team, however.
UBS completes Credit Suisse takeover, creating wealth management titan
The closing of the deal allows UBS to move forward with the integration of its former rival, a process that's likely to involve thousands of job cuts.
Former Morgan Stanley advisor pleads guilty to ripping off own mother
Doug McKelvey of South Lake, Texas, misused at least $1.5 million of funds held in brokerage accounts belonging to clients that included his mother and another elderly family member.
UBS CEO Ermotti predicts ‘bumpy’ months as Credit Suisse deal closes
UBS will see its workforce, costs and balance sheet swell next week when the Credit Suisse deal likely closes, prompting it to weigh deep cuts to staffing levels and wind down riskier assets.
Can Goldman Sachs and Citigroup catch up on hiring advisors?
Both banks have recently signaled their interest in bolstering their wealth management operations, but they can't snap their fingers and conjure financial advisors from thin air.
Alex. Brown adds Morgan Stanley advisor managing $509 million
Miami-based Eva Marina Ovejero has more than two decades of experience.
NewEdge recruits UBS vet overseeing $500 million in assets
Richard Ina will open an office for the firm in the Nashville, Tennessee, area.
Wells Fargo hires another JPMorgan executive for wealth management
Barry Simmons is at least the third senior wealth management executive Wells Fargo has hired in the last few years from JPMorgan.
Wall Street banks are using AI to rewire finance
Banks' interest is growing in the evolving technology of artificial intelligence and its likely impact on their business.
Morgan Stanley sets $12 billion profit goal for wealth unit
The bank aims to almost double its profit from wealth management through asset growth, more lending and expanding markets, co-president Andy Saperstein said at a conference.
Former Wells Fargo executive Tolstedt to pay $3 million SEC penalty
The settlement with the SEC follows Carrie Tolstedt's agreement in March to plead guilty to obstructing a problem of the bank's practice of opening accounts for customers without their authorization.
Concurrent restructures to recruit advisors from across wealth management
Since becoming a hybrid RIA, Concurrent has added five new firms that combine for $440 million and it's ramping up to co-brand advisors from every possible direction.
UBS advisor managing $220 million switches to LPL
Jonathan Kesselman is opening an independent practice, Kesselman Wealth Management, in Westlake, Ohio.
Top-earning CEOs at broker-dealers in 2022
Chief executives at leading brokerage and advisory firms are earning more money than ever. Here are the numbers on last year’s compensation for some of the highest-profile executives.
