News
Biden Eyeing Capital Gains Tax as High as 43.4% for Wealthy
The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.
SEC Chief Gensler Names Alex Oh to Lead Enforcement Division
U.S. Securities and Exchange Commission Chairman Gary Gensler named Alex Oh, a former federal prosecutor, to lead the regulator’s vaunted enforcement unit that polices Wall Street.
Blucora Shareholders Shoot Down Activist’s Bid for Board Seats
The Dallas-based parent of tax-centric broker-dealer Avantax was successful in fending off a proxy fight rare in the independent brokerage arena.
Wells Terminates Three Brokers Over Past Insurance Sales
The firings, which took place in Florida and California in January, followed the bank’s review of insurance sales practices dating as far back as 2011, according to U5 filings.
UBS Nabs $11-Mln J.P. Morgan Private Bank Team in Florida, Another in Ohio
Led by advisors Brian Beraha and Vicente del Rio, the six-person Florida team managed $5 billion in client assets at J.P. Morgan’s private bank.
Wirehouses: Just Say No to Disclosing Broker Headcounts
In reporting first quarter earnings last week, Merrill Lynch further obscured its core broker headcount while Morgan Stanley did away with reporting the number altogether.
47-Year Industry Veteran Targets Wells with Age-Bias Claim
The Idaho broker’s claim comes as Wells has been chasing him over a promissory note that became due when he left the firm.
Stifel Bumps CEO Pay 15% to $11.5 Million
The five top executives at the St. Louis-based firm received total compensation of nearly $33 million in 2020.
BofA Open to “Rethink” of Crypto Investing Ban: CEO
Even at Bank of America’s Merrill Lynch Wealth Management, which imposed in 2018 and continues to maintain a ban on its advisors helping clients invest in cryptocurrencies, Chief Executive Officer Brian Moynihan did not rule out a “rethink” of that policy in the future.
Sirianni: Toxic Culture
In my opinion, one of the most overlooked or under-appreciated elements hurting culture at the big firms is the temporary restraining order and client solicitation battle.
UBS Lands $14-Mln Team from Wells Private Bank in Miami
The team’s move underscores the wirehouses’ growing appetite for large private bank teams.
