July 17, 2020
Merrill Hiring Again, Taking Back 650 FA Trainees Loaned to BofA
New workstations have enabled advisors and client associates to manage multiple clients, says a senior executive at the wirehouse.
E*Trade Integration ‘Will Likely Erode’ Morgan Stanley’s Profit Margins
Executive compensation will account for some of the costs, which will become “more substantial” after the deal closes.
Goldman CEO: Gaining New Wealth Mgmt Clients Virtually is ‘Challenging’
David Solomon says it would take “more normal circumstances” to make more progress with establishing new wealth management relationships.
Schwab’s 2Q Net Income Down 28% YoY Despite Record Client Assets
The firm’s client assets are up 11% year-over-year.
Robinhood Pushes New Funding Round to $600M, Valuing Startup at $8.6B
The startup says it plans to use the money to hire staff and improve operations.
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Recordkeeper to Roll Out Automatic 401(k) Transfers
Alight Solutions, which services 185 plans, plans to roll over small balances automatically starting Jan. 1 unless employees opt out.