April 3, 2021
This Week’s Top 5: Merrill’s Slimmed-Down Bonus Pool, Schwab’s $1.2 Million Error, and More
- EXCLUSIVE: Merrill Managers Confront 30% Cut in Bonus Pool
Some Merrill managers whose branches did not meet asset growth and bank product sales goals saw bonuses drop as much as 60%, sources said.
- Whoops: Schwab Sues Former Customer It Accidentally Sent $1.2 Million
Schwab claims the client is refusing to return the money, which it says was wrongfully sent after a “software enhancement” mistake.
- Merrill Sues $5.3-Mln Tennessee Team who Joined Wells Fargo
Group violated the Protocol for Broker Recruiting by improperly taking contact information for and soliciting 31 customers carved out under a bank referral program, Merrill Lynch argues.
- Exclusive: Edward Jones Pilots Shared Office Space for Brokers
In break from its longstanding single-broker branch model, financial advisors will be able to co-locate under a new program Edward Jones is testing and that is being rolled out to select advisors this week.
- Fired Morgan Stanley Brokers Blame Law Firm for Botched Move
Christopher Armstrong and Randall Kiefner, fired from Morgan Stanley just weeks after joining from Charles Schwab & Co., seek $25 million in malpractice suit against law firm that advised on the transition.