Industry News

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BofA is investing more in high profit trading arm
NEWS INDUSTRY NEWS JUL 17, 2024
BofA is investing more in high profit trading arm

Division just posted second-best quarterly results.

By Bloomberg
Wall Street is scrubbing ESG from job titles
NEWS INDUSTRY NEWS JUL 17, 2024
Wall Street is scrubbing ESG from job titles

Products and positions more likely to reflect 'sustainability'.

By Bloomberg
HSBC picks insider as new CEO
NEWS INDUSTRY NEWS JUL 17, 2024
HSBC picks insider as new CEO

New leader takes over at the global banking group in September.

By Bloomberg
Morgan Stanley increases cash sweep pricing for advisory clients
NEWS BROKER DEALERS JUL 16, 2024
Morgan Stanley increases cash sweep pricing for advisory clients

"The impact of these intended changes will be largely offset with the expected gains from the repricing of our investment portfolio," says Morgan Stanley executive.

By Bruce Kelly
Big banks beating Q2 estimates, but will credit worries sink sector
NEWS INDUSTRY NEWS JUL 16, 2024
Big banks beating Q2 estimates, but will credit worries sink sector

Financials take center stage on Wall Street this week as they report second quarter earnings.

By Gregg Greenberg
DOL is overreaching its authority again, fiduciary rule critics tell Texas federal court
NEWS RETIREMENT PLANNING JUL 16, 2024
DOL is overreaching its authority again, fiduciary rule critics tell Texas federal court

Representatives of life insurance and annuity issuers argue the labor department’s defense suffers the same weaknesses as its 2016 predecessor.

By Leo Almazora
Off-channel comms topple marketing rule as firms’ top compliance concern
NEWS INDUSTRY NEWS JUL 16, 2024
Off-channel comms topple marketing rule as firms’ top compliance concern

Annual survey of investment advisors reveals electronic communications, advertising and marketing, and artificial intelligence as the most pressing issues.

By Leo Almazora
WhatsApp imposters latest headache for advisors and clients
NEWS BROKER DEALERS JUL 16, 2024
WhatsApp imposters latest headache for advisors and clients

App is playing an outsized role in advisor communications and it’s not just the hefty fines that have firms worried

By Bruce Kelly
Morgan Stanley tops peers in trading as wealth unit disappoints
NEWS INDUSTRY NEWS JUL 16, 2024
Morgan Stanley tops peers in trading as wealth unit disappoints

The banking giant joined rivals as business boomed in trading and investment-banking during the second quarter.

By Bloomberg
Focus Financial firm Gratus Capital to merge into the Colony Group
NEWS INDUSTRY NEWS JUL 16, 2024
Focus Financial firm Gratus Capital to merge into the Colony Group

The deal, set to close in the third quarter, will see $3.8B in AUM added into Colony’s portfolio.

By Leo Almazora
LPL bolsters tech leadership with new CTO
NEWS FINTECH JUL 16, 2024
LPL bolsters tech leadership with new CTO

The firm welcomes a 25-year industry veteran with experience from Wells Fargo to shore up its infrastructure, operations, and risk platforms.

By Leo Almazora
Revealed: Our 5-Star Broker-Dealers for 2024
NEWS BROKER DEALERS JUL 16, 2024
Revealed: Our 5-Star Broker-Dealers for 2024

From bringing in quality producers to focusing on the advisor experience, InvestmentNews’ 5-Star IBDs for 2024 are doing what it takes to succeed their way.

By Leo Almazora
Top woman advisor launches California-based RIA
NEWS INDUSTRY NEWS JUL 16, 2024
Top woman advisor launches California-based RIA

Leading a team with a combined record overseeing $1.2B in assets, the Certuity alum focuses on helping executives, legal pros, and other HNWIs achieve financial clarity.

By Leo Almazora
Schwab stock tumbles on brokerage account openings miss
NEWS INDUSTRY NEWS JUL 16, 2024
Schwab stock tumbles on brokerage account openings miss

The retail investing giant raked in $1.33B in net income during Q2 even as new accounts opened fell short of expectations.

By Bloomberg
Gen X workers are struggling to save as cost of living swallows up wages
NEWS INDUSTRY NEWS JUL 16, 2024
Gen X workers are struggling to save as cost of living swallows up wages

They should be heading towards retirement but their finances are stretched.

By Steve Randall
US retail data awaited, European earnings disappoint
NEWS INDUSTRY NEWS JUL 16, 2024
US retail data awaited, European earnings disappoint

Markets expect weaker consumer spending to prompt Fed cut.

By Bloomberg
Global entertainment, media revenue to exceed $3T
NEWS INDUSTRY NEWS JUL 16, 2024
Global entertainment, media revenue to exceed $3T

Annual growth near 4% expected to fuel revenue boost by 2028.

By Bloomberg
Invesco demands $100M in Robertshaw bankruptcy
NEWS INDUSTRY NEWS JUL 16, 2024
Invesco demands $100M in Robertshaw bankruptcy

Firm wants compensation for losing its senior position in reorganization.

By Bloomberg
Under inflation pressure, four in five Americans finding it harder to pay medical bills
NEWS INDUSTRY NEWS JUL 15, 2024
Under inflation pressure, four in five Americans finding it harder to pay medical bills

Survey finds more US adults living with medical debt, with some avoiding health care to stretch their budgets.

By Leo Almazora
Recent readings bolster Fed’s inflation confidence, says Powell
NEWS INDUSTRY NEWS JUL 15, 2024
Recent readings bolster Fed’s inflation confidence, says Powell

The Federal Reserve chair sees a clearer path to the central bank’s 2 percent target following Q2 inflation measures and latest jobs data.

By Leo Almazora