Wirehouses

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Wells Fargo fires more than 100 workers for abusing federal aid program
NEWS PRACTICE MANAGEMENT OCT 14, 2020
Wells Fargo fires more than 100 workers for abusing federal aid program

Staffers made 'false representations' when they applied for a coronavirus loan program, according to a Wells memo

By Bloomberg
Wells Fargo cuts 'sizable group' of advisers after profits slump
NEWS PRACTICE MANAGEMENT OCT 14, 2020
Wells Fargo cuts 'sizable group' of advisers after profits slump

The bank reported a year-over-year decline of 815 advisers, according to its earnings report released Wednesday morning

By Bruce Kelly
Wells Fargo third-quarter profit slumps
NEWS WIREHOUSES OCT 14, 2020
Wells Fargo third-quarter profit slumps

Bank takes customer remediation and restructuring charges to address old scandal

By Bloomberg
Tom Nally out at TD Ameritrade
NEWS PRACTICE MANAGEMENT OCT 09, 2020
Tom Nally out at TD Ameritrade

The longtime president of its institutional business is leaving the company, coinciding with its acquisition by Charles Schwab

By Emile Hallez
UBS chairman says bank isn't seeking partner
NEWS WIREHOUSES OCT 09, 2020
UBS chairman says bank isn't seeking partner

Axel Weber denies reports that UBS is planning to merge with a rival

By Bloomberg
Morgan Stanley fined $60 million over failed hardware oversight
NEWS WIREHOUSES OCT 08, 2020
Morgan Stanley fined $60 million over failed hardware oversight

The Office of the Comptroller of the Currency cited shortcomings related to the decommissioning of data centers for the firm's wealth management unit

By Bloomberg
Morgan Stanley adviser managing $420 million joins RBC
NEWS PRACTICE MANAGEMENT OCT 08, 2020
Morgan Stanley adviser managing $420 million joins RBC

Gordon Witherspoon is going to the firm's Hunt Valley, Maryland, branch outside Baltimore

By InvestmentNews
Inside Morgan Stanley's $7 billion deal for Eaton Vance
NEWS WIREHOUSES OCT 08, 2020
Inside Morgan Stanley's $7 billion deal for Eaton Vance

The deal adds to the $13 billion acquisition of the discount brokerage E-Trade as the wirehouse looks to evolve beyond its investment banking roots

By Bruce Kelly
Morgan Stanley keeps buying, will acquire Eaton Vance
NEWS WIREHOUSES OCT 08, 2020
Morgan Stanley keeps buying, will acquire Eaton Vance

The wirehouse will pay $7 billion for the money manager

By Bruce Kelly
Wells Fargo chops more than 700 commercial banking jobs
NEWS PRACTICE MANAGEMENT OCT 07, 2020
Wells Fargo chops more than 700 commercial banking jobs

The bank is embarking on workforce reductions that could ultimately number in the tens of thousands

By Bloomberg
UBS team managing $300 million goes RIA
NEWS RIAS OCT 06, 2020
UBS team managing $300 million goes RIA

Patron Partners, led by Stephen Caton and Rick Figueroa, sets up shop in Houston

By InvestmentNews
RBC nabs Morgan Stanley team managing $625 million
NEWS PRACTICE MANAGEMENT OCT 05, 2020
RBC nabs Morgan Stanley team managing $625 million

Special needs are a focus of the nine-person Martin Wealth Management in Princeton, New Jersey

By InvestmentNews
Merrill's army of newbies to resume cold-calling
NEWS PRACTICE MANAGEMENT OCT 01, 2020
Merrill's army of newbies to resume cold-calling

Merrill Lynch is making changes in the way it manages young advisers and trainees

By Bruce Kelly
Schwab acquisition of TD to close Oct. 6
NEWS WIREHOUSES OCT 01, 2020
Schwab acquisition of TD to close Oct. 6

The Fed also signed off on Morgan Stanley's purchase of ETrade, which is expected to close Friday

By Bloomberg
SEC gives Morgan Stanley a $5 million slap over short sales
NEWS WIREHOUSES SEP 30, 2020
SEC gives Morgan Stanley a $5 million slap over short sales

The firm separated hedges into two buckets, which is a Reg SHO no-no

By InvestmentNews
Wells Fargo’s Envestnet data-sharing deal raises murky questions
NEWS FINTECH SEP 30, 2020
Wells Fargo’s Envestnet data-sharing deal raises murky questions

The agreement opens up access to important tools for consumers, but the FTC is asking for more information about such practices

By Sean Allocca
Merrill team managing $1 billion goes indie with Kestra
NEWS BROKER DEALERS SEP 16, 2020
Merrill team managing $1 billion goes indie with Kestra

Four-adviser RS Will Wealth Management established in Frederick, Maryland

By InvestmentNews
Citi hires Merrill exec to head wealth management
NEWS PRACTICE MANAGEMENT SEP 15, 2020
Citi hires Merrill exec to head wealth management

David Poole has led Merrill Edge and Merrill Guided Investing

By InvestmentNews
Five-adviser Merrill team managing $280 million joins Stifel
NEWS BROKER DEALERS SEP 15, 2020
Five-adviser Merrill team managing $280 million joins Stifel

The Bonnette group is opening an office for the firm in Audubon, New Jersey

By InvestmentNews
Outspent by Wall Street, investor advocates focus on educating lawmakers on advice issues
NEWS WIREHOUSES SEP 15, 2020
Outspent by Wall Street, investor advocates focus on educating lawmakers on advice issues

One goal is to fortify Democratic opposition to Reg BI

By Mark Schoeff Jr.