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UBS prepares for impact of massive $5 billion fine

February 22, 2019

UBS Group AG Chief Executive Officer Sergio Ermotti said the bank will prioritize protecting its dividends if it can't get out of paying a massive fine imposed in a French tax-evasion case. "We need to consider our business outlook, including...

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....

UBS ordered to pay more than $5.1 billion in French tax case

February 20, 2019

UBS Group was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of having helped wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 3.1%. The Paris...

UBS at risk after $5 billion surprise penalty

February 20, 2019

UBS Group AG's decision to fight a tax case in France, rather than settle it, led to a nasty surprise. Switzerland's biggest bank was ordered to pay more than $5 billion Wednesday over a tax-evasion case in France — matching what was sought...

Ohio National extends variable annuity buyout offer

February 20, 2019

Ohio National Life Insurance Co. is extending by about a month a buyout offer it made on some of its variable annuity products. The insurer last year gave owners of ONcore variable annuities with a guaranteed minimum income benefit rider the...

UBS eschews $6 billion settlement in French tax investigation

February 19, 2019

It's UBS Group AG's $6 billion gamble, but the risk extends far. The Swiss lender eschewed a settlement in a French tax investigation after failing to agree on an amount, exposing it to in-court demands from the state and prosecutors. Paris...

Cetera, other broker-dealers refuse to sign Ohio National contracts

February 15, 2019

A handful of broker-dealers, including Cetera Financial Group and NEXT Financial Group, have rebuffed Ohio National Financial Services Inc. by refusing to sign new agreements with the insurer, the latest twist in an ongoing dispute over variable...

Three-adviser team managing $730 million leaves UBS for Stifel

February 14, 2019

A three-adviser team managing $730 million at UBS in Cincinnati has moved to Stifel Nicolaus & Company. The three representatives —Tom Lieser, Leigh Anne Gage, and Tom Awadalla — will open a new downtown office for the firm. The office will...

Q4 revenue strong at IBDs, online brokers despite market declines

February 13, 2019

Independent broker-dealers and retail brokerages were able to generate good revenue during the final quarter of 2018 despite the significant drops in the market, according to Moody's Investors Service. The market turbulence in December played...

Team managing $314 million leaves UBS for Ameriprise

February 12, 2019

The four-adviser Vilfordi team, which managed $314 million at UBS in Dallas, Texas, has joined the employee channel of Ameriprise Financial. (More: Five-member FiNet team managing $360 million moves to LPL) The team is headed by George Vilfordi...

UBS dinged by Virginia after broker recommended gold and precious metals securities

February 8, 2019

UBS Financial Services Inc. last month agreed to pay Virginia's State Corporation Commission $319,000 to settle charges that a former broker in a branch in Roanoke made unsuitable recommendations of certain gold and precious metals securities...

Hundreds of advisers with tens of billions in assets left Wall Street in 2018

February 6, 2019

Last year was another banner year for brokers and advisers leaving the Wall Street wirehouses and moving to financial advice platforms, where they typically receive higher pay and deal with fewer conflicts of interest when it comes to selling...

Will big recruiting bonuses move reps to these firms in 2019?

February 5, 2019

Seeking either to build on or create momentum with potential recruits, three large brokerage networks — Wells Fargo Advisors, LPL Financial and Cetera Financial Group — are beginning 2019 with substantial offers to lure brokers and financial...

LPL reports record recruiting year

February 1, 2019

LPL Financial set an annual record for the amount of assets that recruited advisers brought over to its platform last year, following rollback of a contentious recruiting policy and a shake-up within the recruiting unit. LPL recruited $27.3...

Banks eager to manage wealth must accept fleeing clients as a grim reality

January 23, 2019

Managing money for the wealthy, once touted as a panacea for banks burned by investment banking's cutthroat rivalry and lenders' smothering capital requirements, is proving to be anything but. UBS Group, the world's largest wealth manager, predicted...

Emerging-market ETF sees record $2 billion of inflows

January 22, 2019

The longest rally in emerging-market stocks in a year encouraged record inflows into at least one exchange-traded fund over the past two weeks. Investors piled more than $2 billion into the iShares Core MSCI Emerging Markets ETF, the second...

UBS saw decline in new client money in fourth quarter

January 22, 2019

As the market churned in the fourth quarter, UBS Group said on Tuesday that the amount of net new money in its wealth management business in the Americas declined by $3.6 billion in the final quarter of last year when compared with the same...

Private banks offer inside tours of Silicon Valley to curry favor with uber-rich offspring

January 18, 2019

It's karaoke Thursday in Silicon Valley, and the song that ought to be playing is Travie McCoy's "Billionaire." After all, the young people gathered at Fred's Place, a dive bar not far from the Googleplex in Mountain View, California, were fabulously...

Merrill Lynch's thundering herd reeled in 53,000 new clients in 2018

January 16, 2019

The recent shift in Merrill Lynch's pay plan for its thundering herd of brokers and financial advisers looks like it is paying off, as Merrill Lynch Wealth Management on Wednesday reported record annual revenues of $15.9 billion. Its 14,796...

Vanguard holds half of PG&E $920 million municipal bonds

January 15, 2019

The Vanguard Group holds about $415 million of municipal bonds issued on behalf of PG&E Corp., about half of the $920 million state and local debt sold for the California utility that's edging toward bankruptcy because of the fallout from devastating...

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