Ed. Note: This article first appeared in CNBC Merrill Lynch may not entirely do away with its commission-based retirement accounts, after Trump ordered the Department of Labor last month to delay the proposed retirement-savings rule. In a conference call with the advisors on Thursday, the bank said it plans to shift most of its retirement […]
Ed. Note: This article first appeared in Charlotte Observer Brokerage firm LPL Financial, which has a major Charlotte-area operation, announced Monday that Mark Casady will retire as CEO on Jan. 3 and that president Dan Arnold will replace him. The announcement comes after the Boston-based company last week held a grand opening for its new […]
Ed. Note: This article first appeared in Bloomberg Here’s the latest signal Wall Street regulations won’t be gutted anytime soon: Republicans who write financial laws are starting to focus on other things. The Senate Banking Committee, led by Mike Crapo, approved a measure about publishing research on exchange-traded funds, and a collection of other narrow bills […]
Ed. Note: This article first appeared in Deal Breaker Back in January there were allegations that JPMorgan Chase. had shafted its employees by parking their 401(k) investments in relatively high-fee funds managed in-house or by close business partner BlackRock. By choosing its own mutual funds and failing to organize participants’ $21 billion in assets as a […]
Ed. Note: This article first appeared in Bloomberg When Wall Street bond dealmakers congregated in Las Vegas last week for their annual get-together, one group of folks was conspicuously absent: SEC enforcement officials. For years now, they have been crashing the marquee event, trying to, somewhat awkwardly, mingle and make industry contacts while sniffing around […]
Ed. Note: This article first appeared in Yahoo Janney Montgomery Scott announced the hiring of Senior Vice President Noah Doyle and Vice President Charles Princiotto, formerly associated with Merrill Lynch. Doyle and Princiotto will be joined by Sean Martin, also formerly associated with Merrill Lynch. Doyle previously managed Doyle & Associates at Merrill Lynch Wealth Management. […]
Former New York Giants, Miami Dolphins, and New England Patriots cornerback Will Allen was sentenced to six years in prison and three years of supervised release and ordered to pay $16.8M in restitution by a federal judge for his role in a multimillion-dollar Ponzi scheme.
Ed. Note: This article first appeared in Reuters Add discount brokerage E*Trade Financial that joined brokerage firm rivals in slashing trade commissions amid intense competition to attract customers. Bowing to pressure from rivals, E*Trade said it lowered its trade commission by about 30% to $6.95 from $9.99 for all customers. Fidelity Investments and Charles Schwab cut trade commissions earlier […]
BlackRock, the world’s largest money manager, reduced annual employee bonuses by an average of 2 percent to 4 percent for last year, the first such cut since 2011, a person with knowledge of the matter said.