JPMorgan CEO Jamie Dimon says the surprise change to foreign worker policy "caught everyone off guard," with implications reverberating out to the tech sector and beyond.
The new leadership hires, focused on asset manager relationships and alternative investment sales, come as the Wall Street giant continues to push for profit improvements in the unit.
Ameriprise and Wells Fargo's FiNet have also scored recent wins with additions from LPL, Morgan Stanley, and Ziv.
The wealth management executive has headed the business since 2021
The advisor "was making more money with his kickback scheme than working at Merrill Lynch, and he has to pay back more than $5 million," a plaintiff's attorney said.
The Wall Street giant launched new education initiatives around investment tax management and alts investing this week as it rewires its advisor pay grid.
“I think it’s too little, too late,” said one industry recruiter.
Firm is hiring for new locations while BofA launches opportunities for veterans.
Retail investors are increasingly being pitched alternative investments that focus on private investments.
The latest breakaways, including an elite Colorado group that reported $1.25 billion at UBS, add to the wirehouse's continuing retention woes.
Ameriprise has also added a $130 million advisor from PNC, while a former pro golfer from LPL takes to Cetera's tax-focused community, Avantax.
The number of clients using the bank's alternative investment platform has more than doubled in the past five years, according to the company.
Four-fifths of non-public banks are projected to integrate AI by 2027.
The banking giant has given up its holdout position among Wall Street lenders as new jobs data from August show "clearer evidence of deterioration."
The bank's alliance with the asset management behemoth will see Citi unveil a new customized portfolio offering for clients across nearly 100 countries.
The deal announced Thursday will see the firms offering target-date strategies, model portfolios, and other vehicles with a dose of private investment exposure.
Meanwhile, an experienced Connecticut advisor has cut ties with Edelman Financial Engines, and Raymond James' independent division welcomes a Washington-based duo.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Two reports reveal investor behavior including earlier participation of young Americans.
Edward Jones' job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.
