Results for "bank of america corp"

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As Wells Fargo seeks CEO, toll on stock hits $24 billion

August 20, 2019

At Wells Fargo's town hall meetings, executives have fielded countless questions from employees about efforts to resolve scandals that erupted almost three years ago. One looming topic hasn't come up recently: Who will run the bank? While the...

As it talks up growth, Merrill Lynch sees spike in advisers heading toward the door

July 24, 2019

Merrill Lynch's incentive plan to get advisers to sign up new clients and cross-sell more products from parent Bank of America is paying off in new business for the wirehouse, but it is also pushing some of those advisers out the door. For the...

Merrill Lynch advisers should expect current pay grid to stay in place for 2020

July 17, 2019

After two years of taking a carrot-and-stick approach to induce brokers to sign up new clients, Merrill Lynch intends to stand pat going into 2020 and make no major changes to its compensation plan. In late 2017, Merrill Lynch revised its pay...

Financial firms fight over $18 trillion held by poorest of the rich

June 20, 2019

People with assets of $250,000 to $1 million are set to become a new battleground for the world's financial firms as declining margins push firms to seek out pockets of wealth further down the scale. About 76 million people with $18 trillion...

Wealthy families are adding forests to their portfolios

June 17, 2019

Tom Crowder spent much of his two-year career in the NFL running away from men who weighed upwards of 300 pounds. These days? He worries about bears and snakes. As a senior vice president at Bank of America Corp., Mr. Crowder spends most days...

Mass affluent say financial stress affecting their mental health

June 14, 2019

Even relatively wealthy Americans are so worried about their finances that it's affecting their mental and physical health. That's one of the findings in a Bank of America Corp. survey of more than 1,000 people in the U.S. who have enough investible...

SALT apocalypse predictions have not come true

May 21, 2019

To listen to New York Governor Andrew Cuomo, the 2017 Republican tax overhaul that limited state and local deductions to $10,000 was a devastating blow. The rich would flee, the middle class would suffer and blue state budgets would bleed. Perhaps...

Maxine Waters puts bank chiefs in hot seat and gets results

May 6, 2019

Maxine Waters hauled seven Wall Street bank chiefs to a hearing that had all the elements of a show trial: contrite executives, lecturing lawmakers and TV cameras to magnify every exchange. Civil rights activist Jesse Jackson even showed up....

Senior execs at Wells Fargo lobby to keep interim CEO

May 6, 2019

While Wells Fargo & Co.'s board looks far and wide for the bank's next leader, some of the company's most senior insiders have an alternative proposal: Why not keep the interim chief? Allen Parker, who joined the bank as general counsel to help...

For Merrill Lynch, emphasis on new clients and cross-selling paying off

April 16, 2019

Merrill Lynch's effort to motivate financial advisers to reel in new clients and cross-sell financial products from parent Bank of America is working, with the company reporting Tuesday that its wealth management advisers are on track for six...

Rich women increasingly call the shots, wealth heads say

April 11, 2019

Rich women mean big business for some of the world's largest wealth managers. Women control about $14 trillion in assets in the U.S., which is comparable to the gross domestic products of China and India combined — and they're underserved...

Wells Fargo must find an outsider for its next CEO

March 29, 2019

For more than two years, Wells Fargo & Co.'s board maintained an insider could reform the bank. Now that Tim Sloan has stepped down, directors are changing their tune — and must find an outsider who wants the job. Between a pair of visits...

Wells Fargo shakeup receives mixed reaction from Wall Street

March 29, 2019

Shares of Wells Fargo & Co. fell in early Friday trading after Chief Executive Officer Tim Sloan abruptly stepped down on Thursday, triggering a hasty search for a successor. The move came partly as a relief, as Mr. Sloan had faced a tough crowd...

Wells Fargo CEO Tim Sloan gets 5.7 percent pay boost, $2 million bonus

March 14, 2019

Wells Fargo & Co. boosted Chief Executive Officer Tim Sloan's compensation by 5.7% to $18.4 million for last year as the bank has worked to overcome multiple scandals. Mr. Sloan got $2.4 million in salary and $14 million of restricted stock...

Things to watch as Tim Sloan of Wells Fargo testifies before Congress

March 11, 2019

How much progress has Tim Sloan made cleaning up Wells Fargo & Co.? That's the key question that Mr. Sloan, 58, will face when he testifies to the House Financial Services Committee Tuesday in a hearing titled "Holding Megabanks Accountable:...

Merrill Lynch cross-selling hits the market

March 7, 2019

Merrill Lynch's push for advisers to cross-sell financial services products has the potential to be a formidable competitive advantage. Merrill Lynch and its parent, Bank of America Corp., right now are offering to shave off up to half a percent...

UBS escalates its pursuit of rich Americans with staff promotions

March 6, 2019

UBS Group promoted 96 employees to the level of managing director in the Americas as it seeks to gain more rich clients and expand in the region. The Swiss bank elevated 60 financial advisers and 36 Americas staff, according to Tom Naratil,...

Wells Fargo CEO Tim Sloan could be hard to oust — here's why

February 22, 2019

Wells Fargo & Co.'s top critic makes it sound so easy. Sen. Elizabeth Warren has made her view clear — again and again — that the bank can't resolve its scandals until it names an untainted replacement for Chief Executive Officer Tim Sloan....

Cross-selling can be lucrative — and dangerous — for big brokerages

February 21, 2019

Merrill Lynch and Wells Fargo Advisors currently stand at opposite ends of the spectrum when it comes to advisers selling or recommending banking products to clients. Owned by Bank of America Corp., Merrill Lynch is embracing the practice and...

Philadelphia sues seven banks over 'collusion' in municipal bond deals

February 21, 2019

Philadelphia sued seven banks, including JPMorgan Chase & Co. and Bank of America Corp., accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works. The...

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