Wirehouses

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Former Wells Fargo adviser part of alleged $33 million crypto Ponzi: lawsuit
WIREHOUSES APR 13, 2020
Former Wells Fargo adviser part of alleged $33 million crypto Ponzi: lawsuit

The purported scheme targeted doctors and claimed their money would be used to trade cryptocurrency using a proprietary algorithm

By Bruce Kelly
Morgan Stanley’s Gorman: I recovered from COVID-19
WIREHOUSES APR 09, 2020
Morgan Stanley’s Gorman: I recovered from COVID-19

The CEO tells employees in a video that he isolated himself at home

By InvestmentNews
3 suits against JPMorgan Chase’s 401(k) plan are joined
RETIREMENT PLANNING APR 09, 2020
3 suits against JPMorgan Chase’s 401(k) plan are joined

The suits allege fiduciaries failed to secure lower fees for plan participants

By InvestmentNews
WIREHOUSES APR 09, 2020
UBS pledges $2 billion to aid small businesses via U.S. plan

Enterpreneurs make up a big part of the firm's US client base, it says

By Bloomberg
Jamie Dimon sees ‘bad recession’ and echoes of 2008 crisis ahead
WIREHOUSES APR 06, 2020
Jamie Dimon sees ‘bad recession’ and echoes of 2008 crisis ahead

The only current CEO who steered a major U.S. bank through the financial crisis said the firm's earnings will be “down meaningfully” this year

By Bloomberg
ETrade still a sweet fit for Morgan Stanley: Gorman
WIREHOUSES APR 02, 2020
ETrade still a sweet fit for Morgan Stanley: Gorman

The bank's CEO remains optimistic about the acquisition despite the COVID-19 crisis

By Bruce Kelly
Party's over, Florida. Advisers see trouble looming in state's economy
WIREHOUSES APR 01, 2020
Party's over, Florida. Advisers see trouble looming in state's economy

A recession could be coming for the Sunshine State, says a Wells Fargo Securities analyst

By Bruce Kelly
Merrill duo managing $900 million goes indie with Raymond James
INDEPENDENT BROKER DEALERS APR 01, 2020
Merrill duo managing $900 million goes indie with Raymond James

Neil Goetzman and Jeffrey Nau set up eponymous business in Alexandria, Va.

By InvestmentNews
Wells Fargo duo managing $200 million goes indie through Raymond James
PRACTICE MANAGEMENT MAR 31, 2020
Wells Fargo duo managing $200 million goes indie through Raymond James

Mark Killingsworth and Stephen Vessey set up shop in Beaver Dam, Wisc.

By InvestmentNews
Wells Fargo suspends job cuts
PRACTICE MANAGEMENT MAR 27, 2020
Wells Fargo suspends job cuts

It joins Citigroup and Morgan Stanley, as well as some European banks, in pledging to preserve jobs amid the pandemic

By Bloomberg
Wells Fargo Advisors reverses plan to charge more clients an account fee
PRACTICE MANAGEMENT MAR 26, 2020
Wells Fargo Advisors reverses plan to charge more clients an account fee

The firm is altering a plan that was unpopular with some advisers

By Bruce Kelly
Morgan Stanley CEO vows no layoffs in 2020
PRACTICE MANAGEMENT MAR 26, 2020
Morgan Stanley CEO vows no layoffs in 2020

The bank's shares are off 30% so far this year amid concerns about loan losses and the impact of low rates on margins

By Bloomberg
Wells Fargo to give extra pay to most U.S. workers amid crisis
PRACTICE MANAGEMENT MAR 24, 2020
Wells Fargo to give extra pay to most U.S. workers amid crisis

The bank will make payments to workers who earn less than $100,000 and were employed by Wells for all of 2019

By Bloomberg
Wells Fargo named in new 401(k) lawsuit
RETIREMENT PLANNING MAR 17, 2020
Wells Fargo named in new 401(k) lawsuit

The company has been sued again over its use of its own products in its retirement plan

By Emile Hallez
SEC bars former Merrill Lynch adviser over alleged $1.7 million fraud
WIREHOUSES MAR 17, 2020
SEC bars former Merrill Lynch adviser over alleged $1.7 million fraud

The Chicago broker had been fired by the wirehouse and previously barred by Finra

By InvestmentNews
As Wall Street dives, what’s the plan at Wells Fargo Advisors?
WIREHOUSES MAR 12, 2020
As Wall Street dives, what’s the plan at Wells Fargo Advisors?

The wirehouse's advisers will be closely watching its new leaders

By Bruce Kelly
SEC bars former wirehouse broker over $1.6 million fraud
PRACTICE MANAGEMENT MAR 12, 2020
SEC bars former wirehouse broker over $1.6 million fraud

The former rep at Wells Fargo and Morgan Stanley was sentenced to 30 months in prison last month

By InvestmentNews
Wells Fargo CEO tells lawmakers bank has ‘sense of urgency’
PRACTICE MANAGEMENT MAR 10, 2020
Wells Fargo CEO tells lawmakers bank has ‘sense of urgency’

Charles Scharf told the House Financial Services Committee that the bank had a 'flawed business model' and that its 'culture was broken'

By Bloomberg
Wells Fargo’s chair quits ahead of Capitol Hill hearing
PRACTICE MANAGEMENT MAR 09, 2020
Wells Fargo’s chair quits ahead of Capitol Hill hearing

Betsy Duke is scheduled to appear before the House Financial Services Committee Wednesday

By Bloomberg
Wells Fargo Advisors imposes account fee on more clients
WIREHOUSES MAR 05, 2020
Wells Fargo Advisors imposes account fee on more clients

Households now need $500,000 in assets, up from $250,000, for Wells Fargo to waive the fee

By Bruce Kelly