Coronacrash
Fed to End Covid-19 Capital Break It Gave Wall Street Banks
The Federal Reserve will let a significant capital break for big banks expire at month’s end, denying frenzied requests from Wall Street that it extend the relief to mitigate any impacts to the financial system and the $21 trillion Treasury market.
Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume
Credit Suisse Group AG raced to contain the widening fallout from the collapse of Greensill Capital as it acknowledged defaults are coming in a $10 billion group of now-frozen funds that the bank touted for their safety.
Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance
Morgan Stanley’s U5 notice touched on issues with using personal email to print confidential firm documents at home.
Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures
One by one, most of the biggest U.S. banks pledged to avoid workforce reductions almost a year ago as coronavirus infections erupted in New York City. One by one, those vows have given way.
Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors
Scott Curtis, head of RayJay’s more than 8,000 advisors, says some may be able to work from home indefinitely with adequate in-office support.
Finra Bars Ex-Wells Broker Accused of Improperly Seeking Virus Relief Loan
The regulator barred a bank-based broker who declined to cooperate with its investigation of allegations she had applied for the Small Business Administration’s support without a formal business.
RayJay Private Client Profit Dips 8%, Employee Channel Recruiting Slips
Raymond James has been forced to raise advisor recruiting deals in its employee channel to combat stiff competition.
Finra Scrutinizes Brokers Who Took PPP Loans for Potential Violations
The regulator is looking into whether some reps who received financial support from the federal government ran afoul of federal securities laws or industry rules on outside business activities.
Merrill Touts Success of Growth Strategy in Pandemic-Afflicted Year
Net new assets rebounded and customer balances hit a record thanks to rising markets and a renewed focus on prospecting by Merrill’s “thundering herd.”
Raymond James Slashes CEO Pay 17% in Turbulent Year
Chief executive Paul Reilly earned $11.1 million in 2020 as RayJay’s board said it “significantly” reduced annual bonuses for senior executives in light pandemic-related declines in earnings.
Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year
Goldman Sachs Group Inc. Chief Executive Officer David Solomon said he expects to have all his employees back at their offices by the end of the year as the vaccine rollout ramps up.
