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October 9, 2020

Morgan Stanley to Pay $60M Fine Over Data Breaches
The fine issued by the Office of the Comptroller of the Currency follows several lawsuits filed against the wirehouse over the same alleged breaches.
Wells Fargo to Cut Jobs Across Most Units
The company has already cut more than 700 positions in commercial banking, and has plans for “job reductions” that could reach tens of thousands across almost all of its business lines.
Clients Worry Missing Atlanta FA Took Off with Their Money
Several clients of Atlanta financial advisor Chris Burns tell TV news channel WSBTV that they have invested $300,000 to $500,000 in peer-to-peer loans.
Wells Fargo: Not a Good Idea to Factor Elections into Allocations
The Covid-19 pandemic and the slow global economic recovery are likely to have the biggest impact on how markets fare in the coming months, says Wells Fargo Investment Institute.
People Moves
Morgan Stanley Loses $420M FA to RBC Wealth Management
RBC Wealth Management says it now has more than 2,000 financial advisors overseeing $414 billion in total client assets from 179 locations in 42 states.
Wealth Enhancement Group to Buy $923M RIA
The addition of Goshen, N.Y.-based 10-15 Associates will bring Wealth Enhancement Group's footprint in New York to six offices.
LPL Adds BMO Harris Bank’s $14B Wealth Mgmt Program
BMO Harris Financial Advisors plans to transition 115 advisors to LPL’s platform by the middle of next year.
Dynasty to Shutter New York City Office
The company plans to consolidate its staff in Florida after moving to St. Petersburg last year.
DOL Probes Wells Fargo’s Initiative to Hire More Black Executives
The Labor Department is questioning whether the company’s diversity initiative is in violation of federal laws against racial discrimination.