Morgan Stanley boosted its chief executive’s pay 22% to $33 million for 2020, when the Wall Street bank posted its third consecutive year of record earnings and announced two large deals.
CEO Charlie Scharf is making classic changes to streamline and reduce costs at Wells Fargo's Wealth and Investment Management unit, which houses Wells Fargo Advisors.
CEO James Gorman, who worked at Merrill Lynch before joining Morgan Stanley in 2006, said that last year was the first time in decades he had not seen "net attrition," or a net loss, of advisers. "We're bringing in $20 billion every five weeks," Gorman said.
The new chief executive faces a lengthy Dutch legal battle over his role in a money laundering scandal at his previous employer, ING, that has complicated efforts to put his stamp on the business.
Net new households at the wirehouse in 2020 declined 37% year over year, the company reported Tuesday. The pandemic clearly hampered advisers' efforts to reel in new clients, a push at the firm since 2016.
Former Morgan Stanley, Merrill Lynch advisers join Rockefeller in Boca Raton, Florida, and Chicago
Financial advisers are usually off-limits when it comes to large institutions looking to cut costs and personnel. But Wells Fargo, under CEO Charlie Scharf, has not shied away from laying off advisers or cutting adviser-lead businesses.
The bank is reportedly in talks to sell the unit to a private equity consortium led by GTCR and Reverence Capital Partners.
Two pairs of advisers in Lincoln, Nebraska, make the move, along with their staffs.
The companies that are temporarily halting or rethinking how they donate money to politicians via PACs, or political action committees, are some of the most prominent platforms for financial advisers and registered reps in the industry, including Bank of America Corp., Morgan Stanley and Charles Schwab Corp.
Firm veteran Mandell Crawley takes new job; Elizabeth Dennis will succeed him as head of private wealth management
Effort would move the fourth-largest U.S. bank a step closer to emulating some of its biggest rivals
Foursome creates Campbell Johnson McGiboney Wealth Advisors in Franklin, Tennessee
Ralph Hamers is caught up in an investigation of money laundering that occurred while he headed ING Groep
The sale is part of CEO Charlie Scharf's effort to focus the bank on key businesses
The mother-and-son team of Paulette and Beaux Treguboff affiliate in Glendale, Arizona
Mark Pomerantz is joining the Raymond James unit in Los Angeles
But teams are staring at new hurdles tied to assets, financial plans and online brokerage
The Atlanta-based team is led by Jeff Lewis, Steve May and John McColskey
The U.S. Court of Appeals affirms an earlier ruling against Morgan Stanley in a case regarding the sale of Puerto Rico bonds
