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Operating as usual
The economic slowdown has even hit CEO salaries.
Wells Fargo & Co. kept Chief Executive Officer Charlie Scharf’s pay at $24.5 million for 2022, a year in which both profit and stock tumbled and the bank continued to grapple with the fallout from a raft of scandals.
Bill Gross became one of the richest and most famous men on Wall Street but his success didn't last.
Mary Childs chronicles Bill Gross who turned the sleepy bond market into a gambler’s paradise before his ambition became his undoing.
continues to remove ESG from its .
Florida Chief Financial Officer Jimmy Patronis blocked asset managers from investing a $5.1 billion state pension pool in sustainable funds, the latest escalation in his fight against ESG.
A financial advisor is suing his wife after she sent shocking allegations of misbehavior to his employers and clients.
A New York broker who switched in 2022 from Merrill Lynch to Morgan Stanley Private Wealth Management alleges his wife conveyed defamatory information about his use of drugs and prostitutes to the two wirehouses.
CEOs are feeling the pain too.
Morgan Stanley cut Chief Executive Officer James Gorman’s compensation by 10% to $31.5 million for 2022, a year in which profit tumbled and the shares sank.
CEO pay stayed level even after profits fell at JPM.
JPMorgan’s board didn’t award Dimon a special award for 2022 and it committed to not granting any more special awards to him in the future.
Pay on continues to boom despite cut cutting and automation initiatives by management.
Even after eliminating staff, cutting bonuses and tapping an army of robots to replace legions of workers, Wall Street is still bracing for higher costs in coming months — especially those tied to pay.
An unnamed plaintiff is claiming a banking bigwig was a witness to abuse by Jeffrey Epstein.
A woman suing JPMorgan Chase & Co. for facilitating her sexual abuse by Jeffrey Epstein is claiming Jes Staley “personally observed” that abuse when he was the bank’s head of private wealth.
Investors are pouring into bonds as stocks flounder.
Wall Street is finding a reason to keep plowing into the bond market, even with a Federal Reserve that’s still far from declaring victory in its war against inflation.
Start thinking about maximizing your return before it's too late.
D.A. Davidson Companies
D.A. Davidson: The Ultimate Chart for Tax Season
is making a major change in mortgage lending.
Wells Fargo & Co., announcing a “new strategic direction” for a mortgage empire that was once the largest in US banking, said it will stop funding home loans arranged by outsiders and shrink the portfolio of debts that it services.
A new study finds that young men are less likely to burn the midnight oil at work.
Young American men and men with college degrees led the “quiet quitting” movement in the US, according to new research that sheds more light on the pandemic-induced phenomenon.
Are we in a recession? Economists at RBC give a preview of the coming year for markets.
U.S. markets could change course more quickly, and in different ways, than investors might assume. Even if the economy succumbs to recession in 2023, if history is a guide, the equity market would likely begin a new bull market cycle before the recession ends. In fixed income, we think the window to...
"If you get this wrong, your retirement could be toast!"
Globalization is over. We are now entering an entirely new economic era that will change all the things we thought we knew about investing.
Prosecutors are moving quickly to claim assets in the wake of .
The US government has seized — or is in the process of seizing — hundreds of millions of dollars worth of Robinhood Markets Inc. shares as part of the fraud case against Sam Bankman-Fried, founder of the failed crypto firm FTX, lawyers said in court Wednesday.
As the stock-market rout shows no end in sight, an equity indicator constructed by Bank of America Corp. offers a glimmer of hope.
As the stock-market rout shows no end in sight, an equity indicator constructed by Bank of America Corp. offers a glimmer of hope.
Odds are high for a recession next year as the central bank continues.
Sputtering capital markets, job cuts, raging inflation, the crypto meltdown and rising interest rates marked a year of upheaval.
"We have not hit bottom yet,” says Scion Asset Management founder Michael Burry.
Scion Asset Management founder Michael Burry said while inflation has peaked, it is likely to pick up again in response to government stimulus.
An apparent workplace disagreement turns ugly in .
An employee at the Oklahoma City branch said that the dispute may have involved shared customer accounts, according to a local news report.
An apparent workplace dispute took a violent turn in this weekend.
An employee at the Oklahoma City branch said that the dispute may have involved shared customer accounts, according to a local news report.
Bank of America reacts to the Supreme Court's decision.
Policy will be effective July 1, company said in a memo to employees.
Is trouble brewing on the horizon?
The Nasdaq Composite notched its worst month in nearly two years after the Federal Reserve’s aggressive hike signals roiled high-flying technology stocks.
Ooof!
A now-former Merrill Lynch broker in Stamford, Connecticut was arrested on Saturday after he went on a threatening and biased rant against a group of young employees at a local smoothie shop, according to police reports and a video of the incident uploaded to social media.
The sales force of Merrill brokers, private bankers and Merrill Edge advisors will stabilize as a new training program kicks in, according to the BofA CEO. http://ow.ly/l48u50Hz60n
The sales force of Merrill brokers, private bankers and Merrill Edge advisors will stabilize as a new training program kicks in, according to the BofA CEO.
J.P. Morgan Targets Another Defecting Bank-Based Advisor with TRO
http://ow.ly/qFEv50Htcct
The advisor joined an RIA founded by another ex-Chase advisor that has lured at least two others from the same bank branch
Welcome to 2022, a year of continued change and transition, where trends are merging and melding into what we can fairly start to call the new advisor paradigm. Read Sirianni’s 2022 Predictions: The Year of The Great Entrepreneur Revival. http://ow.ly/5wOP50HsnpN
By the end of the year, more than 500 million people worldwide will own bitcoin.
Ric Edelman, founder of mega-RIA Edelman Financial Engines, has been one of the industry’s most outspoken advocates for exponential technology. Now, he has released 22 predictions for 2022.
Ex-UBS Wealth Boss McCann Backs Former Colleagues at NewEdge
http://ow.ly/G9su50HsgkK
Looking to Trim $500-Mln Book, Merrill Vet Jumps to Morgan Stanley in Palo Alto
http://ow.ly/AMFF50Hs4Ik
Another 22% faced a reduction in pay for not meeting household and asset targets while 18% remained neutral, a company spokesman confirmed.
http://ow.ly/UEwH50HpQqG
Another 22% faced a reduction in pay for not meeting household and asset targets while 18% remained neutral, a company spokesman confirmed.
UBS Group AG was sued by a couple who said the Swiss bank should not have disclosed the wife’s account information to the Internal Revenue Service because she was not a U.S. citizen.
http://ow.ly/p6Q450Hl76o
UBS Group AG was sued by a couple who said the Swiss bank should not have disclosed the wife’s account information to the Internal Revenue Service because she was not a U.S. citizen.
Two former high-producing wirehouse teams that have launched multibillion-dollar registered investment advisory firms expanded their new domains with a pair of hires this week. http://ow.ly/Goy750H36Wx
Procyon Partners, started by ex-UBS brokers in Connecticut, and Kore Private Wealth, started by Merrill defectors in New York City, each pulled new hires into their independent shops.
A 24-year veteran Scottsdale, Arizona broker who left UBS Wealth Management USA for Wells Fargo Advisors in 2017 is continuing to wage a legal battle against his ex-employer, filing a lawsuit to partially vacate an arbitration award http://ow.ly/Iw8I50H2Zzs
The broker, now with Wells Fargo, is seeking to vacate part of a mixed award in which UBS was also ordered to pay him $300,000 in damages.
Brokers have prevailed in a recent spate of arbitration claims accusing their former employers of slapping defamatory language on their U5 termination forms.
http://ow.ly/zTgm50H28AC
Despite at least one high-dollar award and two other notable expungement cases, firms still have the upper hand, according to four lawyers who often represent brokers.
Merrill Lynch has sidelined one of its top Kentucky brokers who leads an eight-person team in Louisville, according to two sources familiar with the matter. https://www.advisorhub.com/merrill-puts-top-ranked-kentucky-producer-on-leave-sources/
The wirehouse has sidelined a broker who led a team of eight and managed $800 million, according to two sources familiar with the matter.
Some final photos of our event 2 weeks ago, we can't wait to see you all again next year!
Edward Jones & Co’s broker count slipped for the third sequential quarter as the firm warned that the trend will likely persist as the firm executes multiple strategies to bolster branch success. http://ow.ly/mvge50H0bOg
A focus on retention and improving success rates of trainees may slow hiring even as the firm recovers from a pandemic freeze, Jones said in a filing.
Some more photos from our event two weeks ago!
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