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wealth management news from FierceFinance
News
Wells Fargo, looming broker power?
Would it surprise you that Wells Fargo (WFC) is now the third largest brokerage? It employs 15,000 advisors and manages more than $1 trillion in wealth--and yet it somehow flies under the radar.... Read more...
Morgan Stanley aims at departing brokers
We've suggested recently that the broker wars are far from over. That point has been driven home again by the move by Morgan Stanley Smith Barney (MS) to sue five wealth managers who had recently... Read more...
Broker recruitment still hot and heavy?
Wealth management looms as a growth industry, one that has many firms scrambling. Lots of hiring is going on at the big boys, the likes of Bank of America Merrill Lynch (BAC), Wells Fargo (WFC) and... Read more...
Not a good quarter for Morgan Stanley
Morgan Stanley's (MS) fourth quarter results were underwhelming to say the least. The bank earned 29 cents a share on $6.8 billion in revenue. That lagged analysts' expectations of 36 cents on $7.8... Read more...
Bank hiring boom in the making?
The conventional wisdom right now is that the worst has passed in the financial services industry. One could point to the hiring that's starting to get underway. The bloodletting is over, and we may... Read more...
McCann settles with Bank of America
Recall that Bob McCann was set to run the wealth management unit at UBS (UBS)--until his noncompete agreement with Bank of America (BAC) got in the way. He went to court to get the bank to lift some... Read more...
McCann to get out of non-compete?
Bob McCann was expected to be in state court today, to ask a judge to let him out of his Bank of America non-compete agreement so he can take a "once in a lifetime" job with UBS, reports Bloomberg.... Read more...
Will Bob McCann run UBS wealth management?
It's no secret that Bob McCann, former head of the Thundering Herd, is a candidate to run the U.S. wealth management operations of UBS. Before he can take that job, he needs to extricate himself from... Read more...
Bank of America shakes up management
No doubt about it, the end of the Ken Lewis era has begun. The timing of the announcement of a new management team--coinciding with the news about the settlement of charges it lied to... Read more...
Morgan Stanley to rue decision to scale back risk?
We've discussed the apparent divergence between the business models at Morgan Stanley and Goldman Sachs. The New York Times weighs in with a piece that looks at Morgan Stanley's decision to scale... Read more...
