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Vanguard suffers consumer-satisfaction decline

November 13, 2018

Vanguard Group, famed for its low-cost investment products, just broke out of the pack in a consumer satisfaction survey. But not in a good way. The mutual fund firm with more than $5.3 trillion in assets under management suffered the largest...

Step one: Withdraw from the broker protocol

November 10, 2018

Tired of having to pay six-figure bonuses to replace some of their most productive brokers who left for competitors after the financial crisis, Morgan Stanley Wealth Management and UBS Financial Services upended the wealth management industry...

JPMorgan says bond ETFs may help neutralize a 'credit bomb'

November 9, 2018

Working on ways to position for a potential collapse in corporate bonds? JPMorgan Chase & Co. has an idea: the exchange-traded funds that track the market. While ETFs would experience collateral damage if a "credit bomb" were to go off, their...

JPMorgan, Carlyle are latest Wall Street firms to back iCapital

November 8, 2018

iCapital Network is adding two more firms to its stable of Wall Street backers. JPMorgan Chase & Co. and Carlyle Group have invested in the financial technology company, just a week after Blackstone Group also announced a stake, iCapital said....

Commonwealth advisers turning to private equity

November 8, 2018

An earlier version of this story incorrectly reported the total that Commonwealth advisers have invested in private equity. As the number of publicly listed companies continues to shrink, brokers and advisers who work with Commonwealth Financial...

Wells Fargo places two executives on leave

October 25, 2018

Wells Fargo & Co. said its chief administrative officer and chief auditor will be placed on leave and removed from the bank's operating committee amid regulatory investigations into its sales practices. The leaves of absence for Hope Hardison...

UBS CEO promises to boost wealth management profits

October 25, 2018

As UBS Group reported strong third-quarter results, CEO Sergio Ermotti pledged to drive wealth management profit higher and cut costs as he seeks to revive the bank's shares. The bank's net income for the third-quarter period beat the highest...

Wall Street banks to get fee cut from top lobbying group

October 24, 2018

Wall Street banks that pay millions of dollars a year to lobby Washington policy makers are getting a break from their top trade group. The Securities Industry and Financial Markets Association has agreed to trim costs for its biggest members...

Largest financials ETF sees outflows

October 15, 2018

Bank bears are back. Investors yanked more than $1 billion from the $29 billion Financial Select Sector SPDR Fund (XLF) Friday, the largest outflow in more than a decade. In addition, trading in the fund hit $3.6 billion, more than double its...

Earnings fail to rescue equity bulls

October 15, 2018

Equity bulls counting on strong earnings to arrest the steep decline in U.S. stocks have something to worry about: These days, nothing has been good enough to please financial markets. "Early in the season, any news is bad news," writes Christopher...

Jay Clayton rejects Trump tweet calling for less frequent earnings reports

October 11, 2018

Securities and Exchange Commission chairman Jay Clayton just tapped the brakes on President Donald J. Trump's push to let U.S. companies report earnings less frequently. "I don't think quarterly reporting is going to change for our top names...

Investment firm co-founded by Al Gore involved in $2.2M fintech deal

October 9, 2018

Al Gore's Generation Investment Management and Canadian pension fund Caisse de Depot et Placement du Quebec teamed up to acquire control of wealth-management services provider FNZ in one of the year's largest fintech deals. The acquisition of...

Tim Sloan hasn't turned around Wells Fargo

October 8, 2018

What's the appropriate board gift for a CEO's two-year anniversary? If you're Tim Sloan at Wells Fargo & Co., the correct answer is a short leash. Mr. Sloan took over the CEO role in mid-October 2016, which means the anniversary is this week....

Talking to Chuck about Schwab's $3.6 trillion edge on fintechs

October 2, 2018

Charles Schwab's cheeks redden in a mixture of amusement and outrage as he recites the ways people on Wall Street make money. They take little nicks, he says, gesticulating with his left hand as if gripping a kitchen knife. High fees, fat spreads,...

Adviser's cultural understanding behind four decades of client care

October 1, 2018

When Maria Elena Lagomasino was 11 years old, she and her family fled the communist regime in Cuba to come to Westford, Conn. It was 1960. She made friends quickly in school and found everyone welcoming, however, it was challenging for her family...

Wells Fargo chair denies rumors bank is seeking to replace CEO

September 20, 2018

Wells Fargo & Co. Chair Betsy Duke took the rare step of denying the bank is looking to replace its chief executive officer, saying the entire board backs him, following weeks of whispering on Wall Street that it had contacted former Goldman...

Wells Fargo plans to cut staff up to 10% within next three years

September 20, 2018

Wells Fargo & Co. plans to trim its workforce by about 5% to 10% within the next three years as CEO Tim Sloan works to pull the bank clear of a series of customer-abuse scandals and prop up a lagging stock price. The bank had 265,000 employees...

Bank of America to sell alternative operations with $20 billion to iCapital

September 19, 2018

Bank of America Corp. agreed to sell businesses that administer alternative investment feeder funds to iCapital Network, a financial technology firm led by a former Goldman Sachs Group Inc. banker. The operations for feeder funds, which pool...

Do-it-yourself deals are all the rage among rich investors

September 14, 2018

The champagne was flowing at a Hamptons gathering last month for members of Tiger 21, an investment club for the ultrawealthy. After some schmoozing, talk turned to a hot topic: do-it-yourself deal-making. Some attendees invested directly in...

10 years later, advisers still shudder recalling the financial crisis

September 13, 2018

When the 2008 financial crisis is documented by historians and market watchers, it's often pegged to Lehman Brothers' record-setting $691 billion bankruptcy. But for financial advisers the overall bear market period between 2007 and 2009 is...

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