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Morgan Stanley launches new adviser technology dashboard

November 20, 2018

Morgan Stanley is bringing all of the pieces of its adviser technology suite together in one digital dashboard called WealthDesk. WealthDesk provides Morgan Stanley advisers with a consolidated view of their entire book of business and integrates...

Wells Fargo cuts 1,000 jobs across the U.S.

November 15, 2018

Wells Fargo & Co. is cutting about 1,000 jobs across its consumer-lending and tech-payments units as part of a much larger workforce reduction announced earlier this year. Approximately 900 of the positions will come from the bank's home-lending...

Wells Fargo reportedly ends investigation of gender bias in wealth management unit

November 9, 2018

Wells Fargo's investigation into alleged gender bias within its wealth management division is reportedly over. When asked for confirmation of a report by The Wall Street Journal that the firm concluded its investigation, Wells Fargo spokeswoman...

Ex-Morgan Stanley broker sues firm for wrongful termination, smear campaign

November 9, 2018

A former Morgan Stanley broker is suing his ex-employer for what he claims was a calculated plan to destroy his career and take control of his clients. In a lawsuit filed Thursday with the Financial Industry Regulatory Authority Inc., 61-year-old...

Wells Fargo combines private bank, ultra-high-net-worth units

November 8, 2018

Wells Fargo & Co. plans to combine its ultra-high-net-worth business and private bank under one leader. The merged operation will be run by someone yet to be named, who will report to Jon Weiss, head of wealth and investment management, according...

Wells Fargo considering sale of retirement-plan unit

November 8, 2018

Wells Fargo & Co. is considering the sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one person, who asked to not be identified because the matter...

Merrill Lynch to focus team pay on digital, online areas

November 6, 2018

It's autumn, the time for leafy trees to turn spectacular colors, the time to pick out your Thanksgiving turkey and the time for financial advisers to fret and worry about how they will be paid next year. The four large wirehouses, Merrill Lynch,...

Wells Fargo boosts its count of improper foreclosures

November 6, 2018

Wells Fargo & Co. improperly foreclosed on 545 customers after wrongly denying them mortgage loan modifications, up from the 400 borrowers the company had disclosed in August, according to a report Wells Fargo filed with the Securities and Exchange...

Jay Welker, Wells Fargo head of wealth management, to retire

November 6, 2018

Wells Fargo & Co.'s head of wealth management and private bank, Jay Welker, said on Tuesday that he is retiring. Wells Fargo has been investigating internal complaints of gender bias in its wealth management division for months and is looking...

Merrill Lynch advisers staring at new pay hurdles in 2019

November 1, 2018

After almost 10 years of a historic bull market, Merrill Lynch's 15,000 registered reps and financial advisers face the prospects of a slight cut in compensation in 2019, when the firm will start withholding a small amount of advisers' monthly...

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...

Stifel, First Republic post top recruiting gains in Q3, as wirehouses continue to lose brokers

October 23, 2018

Two distinctly different firms posted the strongest gains of advisers during the third quarter, with registered reps and financial advisers continuing to leave large Wall Street firms. Stifel Nicolaus & Co. Inc., a retail wealth management shop,...

Wells Fargo to pay New York $65 million over cross-selling practices

October 22, 2018

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling — the pitching of additional financial products to existing...

UBS loses $20 million arbitration award over Puerto Rico investments

October 22, 2018

UBS Financial Services Inc. has lost a roughly $20 million arbitration award involving Puerto Rico bonds and closed-end funds, the largest penalty that the wirehouse brokerage has had to pay to date in such cases. A Financial Industry Regulatory...

Wells Fargo Advisors to fire back against former brokers suing it

October 19, 2018

Wells Fargo Advisors plans to fight back against two ex-brokers who sued the firm this month, claiming they lost business in the wake of the bank's scandals, by filing a counterclaim against them in industry arbitration. The advisers, John L....

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

October 18, 2018

Two brokers who left Wells Fargo Advisors at the start of the month have sued the firm, along with Wells Fargo Bank, alleging that the steady stream of scandals over the past two years at the bank and brokerage substantially damaged their business....

Morgan Stanley's wealth management revenue up, adviser headcount down

October 16, 2018

Morgan Stanley reported third-quarter results Tuesday, noting wealth management revenue of $4.4 billion compared with $4.2 billion a year earlier. The wealth management group had a pretax margin of 27.1% compared with 26.5% in last year's third...

Merrill to continue pay plan that rewards advisers for new clients

October 15, 2018

When it reveals its 2019 compensation plan in the coming weeks, Merrill Lynch will continue to reward its wealth management advisers for bringing in new client accounts. Last year, Merrill Lynch unveiled a 2018 pay grid that rewarded advisers...

Wells Fargo loses more reps in Q3; total now more than 1,000 since banking scandal broke

October 12, 2018

Wells Fargo Advisors continued to lose advisers in the third quarter, pushing the total to more than 1,000 since September 2016, when the brokerage network's parent company, the giant bank Wells Fargo & Co., revealed that bank employees had...

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