News Roundup

News Roundup (648)

UBS CEO Gets 11% Raise While Cutting Bonus Pool by 10%  

UBS Group has announced an 11% pay hike for CEO Ralph Hamers at the same time as the Zurich-based lender disclosed a 10% cut to its overall bonus pool. So reports Bloomberg.


Merrill Promotes New Private Wealth Boss  

Merrill Lynch has named Merrill Private Wealth Management’s Northeast division head, Lindsay Hans, as head of Private Wealth Management. So reports


Wells Fargo Advisors Slims to Four Regions in Overhaul  

Wells Fargo Advisors has shrunk its field leadership from seven regions to four as part of restructuring aimed at cutting costs. So reports AdvisorHub.


Ex-Wells Fargo Advisor Sues for Alleged Rape by Superior

A former Wells Fargo advisor has sued the bank and four male ex-colleagues, alleging that a male regional manager raped her and was enabled by the other former co-workers. So reports NBC News.


Merrill’s Sieg Rules Out Independent Model for Advisors  

A top Merrill Lynch executive has poured cold water on the idea of the bank allowing financial advisors to work with the Wall Street giant through the increasingly widespread independent model. So reports Financial Planning.


BNY Mellon Plans to Lay Off About 1,500 Employees  

Bank of New York Mellon has leaked plans to cut the jobs of about 1,500 people this year, representing roughly 3% of its workforce. So reports Bloomberg.


JPMorgan's Dimon on Deal for Firm in Fraud Suit: 'Huge Mistake'  

JPMorgan Chase CEO Jamie Dimon has described the company’s purchase of Frank, a financial planning firm now at the center of a fraud lawsuit, as “a huge mistake.” So reports Bloomberg.


Goldman Sachs Kicks Off New Year By Laying Off 3,000+  

Goldman Sachs laid off 3,000 employees last week in what some are dubbing "David's Demolition Day," after CEO David Solomon. So reports The New York Post.


Most Financial Advisors Would Rather Be Independent: Cerulli

New research by Cerulli Associates has found that 71% of financial advisors say they would prefer to operate independent practices. So reports Barron’s.


Robinhood Targets Retirement Assets as Retail Trading Slows

Robinhood, the online brokerage known for “meme stocks” like GameStop, has started going after the retirement market as the retail trading frenzy cools. So reports Yahoo! Finance.


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