News Roundup

News Roundup (612)

Wells Pauses Diversity Quota in Hiring After Fake Interview Claims  

Wells Fargo is temporarily nixing a two-year-old policy requiring managers to interview a slate of diverse candidates before extending a job offer. So reports CBS News.


UBS Broker Hits A Million Cold Calls

UBS Wealth Management broker Jonathan Bottema recently made his one-millionth cold call to a potential client. So reports Advisor Hub.


Wells Fargo Declares Departed Broker Dead, But He’s Not

Wells Fargo Advisors has told clients that financial advisor Robert Brian Watson, who left Wells Fargo in April, is dead. The only problem is he is very much alive and practicing from his Atlanta office as an independent broker at oXYGen Financial, which is affiliated with Kestra Financial. So reports Advisor Hub.


Robinhood Axes 9% Of Workforce

Vlad Tenev, CEO of Robinhood, said the firm is cutting 9% of its workforce. So reports CNN.


Ex-Merrill Broker Ordered to Rehab Over Racist Smoothie Throwing Tirade  

Former Merrill Lynch adviser James Iannazzo has been ordered to complete a rehabilitation program following a meltdown in a smoothie shop that resulted in his arrest and firing. So reports Bloomberg.


LPL Network Firm Researcher May Face the Death Penalty

Ramy Hany Mounir Fahim, an employee with Pence Wealth Management, an LPL Network firm, has been charged with crimes that could result in his execution.


Some Wall Street Firms Paying Interns $16k a Month or More

As the battle for Wall Street talent continues to rage, even some interns are seeing their compensation soar. So reports Financial Advisor.


UBS, Tops J.D. Power’s Client Survey

UBS is top ranked on J.D. Power’s 2022 U.S. Full-Service Investor Satisfaction Study. So reports Financial Planning.


FA Helps Catch Caretakers Abusing Client

Miami-Dade police arrested Evelyn Dinora Lopez De Ramirez De Hernandez and Yuri Hernandez on multiple felonies related to stealing more than $100,000 from an elderly, blind woman with dementia that they were supposed to be taking care of. The woman’s financial advisor help uncover the scheme. So reports the Miami Herald.


Morgan Stanley Selling Off Eaton Vance RIA Biz Assets

Morgan Stanley is selling parts of its Eaton Vance WaterOak Advisors business to CI Financial and Pathstone. So reports Wealth Management.


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