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Morgan Stanley’s new CEO Pick has wealth management in his veins
Industry executive warns it will take time for Pick to earn the trust of advisors.
JPMorgan to pay $18M for blocking client contact with SEC
Firm's tactic 'not only undermined critical investor protections and placed investors at risk, but was also illegal,' says SEC enforcement director.
Goldman profits surge, driven by equity trading
The asset and wealth division helped drive the results, posting its highest quarterly revenue in two years on a gain tied to the sale of its Personal Financial Management unit.
Wells Fargo Advisors to sell new bitcoin ETFs
'We’ve made significant investments the last few years across our franchise to better serve our customers, and help drive growth,' says Wells CFO Mike Santomassimo.
Merrill adds new clients by tapping Bank of America customers
'In 2023, a record number of existing Bank of America clients became Merrill clients,' says Eric Schimpf, president and co-head of Merrill Wealth Management. 'We can and will do more here.'
Morgan Stanley to pay $249M over block trade probes
The agreement with federal prosecutors ends a years-long investigation and allows the bank to avoid criminal charges.
JPMorgan posts record net interest income
The bank said the windfall may continue this year; its earnings also included a $2.9B charge for an FDIC special assessment related to last year's bank failures.
JPMorgan anticipates $30B of private credit will change hands this year
Nascent secondary market is expected to see record pace of activity as investors seek liquidity.
Broker-dealers and bitcoin ETFs: To sell or not to sell?
'Financial advisors don’t understand bitcoin,' one senior executive notes. 'It's a disaster waiting to happen.'
JPMorgan Asset Management thinks Fed cuts could be deeper
Wall Street firm believes that while 1.5% of cuts is probably correct, there could be more easing needed.
Cambridge launches fee-only RIA
BridgePort Financial Solutions can provide smaller RIAs with support in areas such as technology, practice management and outsourcing.
Finra watching crypto assets, brokers in 2024
Finra reveals it's keeping tabs on salespeople and financial advisors who are involved in the marketing and sale of digital assets.
‘Wall Street South’ beckons financial services firms
Why hedge fund managers, advisory firms and other financial services firms are basking in the sun in Miami.
Raymond James’ Reilly sees comp soar in 2023
Total compensation for the IBD's CEO hit $34.9 million in the company's fiscal year ended Sept. 30.
RBC nabs $610M team from Truist
The Cypress Group will operate out of RBC’s office in Wilmington, North Carolina.
Lawyers welcome proposed crackdown on brokers lending money to clients
'Ninety-nine percent of the time, lending to customers or borrowing from them is a bad idea.'
LPL nabs $260M advisor from PNC
Zachary Fiandt will align with Financial Partners Inc.
JPMorgan shares hit new record high
Wall Street stalwart gained from regional bank collapses but can it maintain momentum?
‘This LPL case is a grab bag,’ says industry attorney
Finra hits LPL, Interactive Brokers with fines as 2023 closes.
Cetera CEO sees ‘even bigger things’ ahead as private equity firm reinvests
Genstar Capital made its original investment in the firm in 2018.