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July 15, 2020

Wells Fargo to Cut Expenses by $10B; ‘Jobs Will Go Away’
Cost-reduction opportunities exist in “just about every part of the company,” and some employees’ “jobs will go away” as the initial pandemic phase ends, Charles Scharf says.
JPMorgan Asset, Wealth Mgmt Loses 881 Employees in Reorganization
The bank is building a U.S. wealth management division that it expects to be one of its main growth drivers over the next decade.
Ex-Broker Active Via Radio and Events to Pay $600K Over Unregistered Funds
Dean Vagnozzi and his company allegedly raised more than $32 million for eight funds, five of which the SEC says weren’t registered nor met the requirements for an exemption from registration.
Top Advisors Weigh In: Assure Clients That Others Are Facing Similar Woes
Frequent, but not overwhelming, communication is important, says one advisor.
Creative Planning Acquires $600M RIA 
Thun Financial Advisors specializes in serving Americans working and living abroad.
Wealth Management M&A Deal Pipeline Revitalized in June: Fidelity
While April and May saw some of the lowest M&A activity since 2016, June saw a major pickup in volume as well as deal size, according to Fidelity.
POC, Women, LGBTQ Individuals Hurting More Financially from Pandemic
Overall, close to half of Americans are concerned about their finances, according to a recent survey by Prudential.
SEC Warns B-Ds and RIAs of Ransomware Attacks
The regulator has put out a risk alert about a rise in sophistication of such attacks and recommendations on best practices.