Morgan Stanley agreed to pay $60 million to settle accusations that the bank didn’t properly handle the 2016 decommissioning of two data centers tied to its wealth management business, the Office of the Comptroller of the Currency said in a statement Thursday.
The lender “failed to effectively assess or address risks associated with decommissioning its hardware,” including improper assessment of the risks of subcontracting the work and failure to keep appropriate tabs on customer data stored on obsolete devices, the regulator said.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
