News
Finra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
Wall Street Cuts Campaign Spending to Condemn U.S. Politicians
Wall Street will use the power of its campaign giving to broadly condemn U.S. politicians, including those whose attempt to overturn the November presidential election spurred last week’s attack on the Capitol.
Deutsche Bank Reaches $100 Million Deferred-Prosecution Deal
Deutsche Bank AG agreed to pay $100 million to settle criminal allegations, including that it manipulated the market for precious metals futures through a trading tactic known as spoofing, according to a person familiar with the matter.
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.
Stifel Hires 33-Year Brokerage Vet from Jefferies in Dallas
Broker had been managing over $200 million in client assets, according to two sources familiar with his practice.
Tech Powers Stock Rally With Stimulus in Focus: Markets Wrap
Stocks rallied a day after violence rocked the U.S. Capitol, with investors firmly focused on the prospect for more stimulus and the likelihood that calm will prevail as Joe Biden takes the presidency.
Wells Pulls Out of International Wealth
Wells Fargo told advisors across its wealth management and private banking operations on Thursday that they can no longer service clients outside the U.S.
Merrill Hires $2-Mln JPMorgan Bank Team in Texas
The new recruits mark a rare split from Merrill’s retreat from veteran broker recruiting over the past three years.
Citi Revises Advisor Comp Model
Grid payout is now quarterly, supplementing monthly salary, with a component of grid credit tied to client satisfaction, teamwork and other qualitative assessments
SEC Puts Nail in Ex-Morgan Stanley Broker’s Career Coffin
Former broker Barry Connell, who served prison time for stealing $5 million from customers, has been barred from the securities industry.
Treasuries Breaching 1% on Democratic Win May Just Be the Start
(Bloomberg) — U.S. Treasury yields broke above 1% for the first time since the pandemic-driven turmoil in March, and the…
