Wirehouse Firms
Learn the ins and outs of the wirehouse channel, including news, analysis and more on Bank of America-Merrill, Morgan Stanley, Wells Fargo and UBS.
Morgan Stanley to Cut Several Hundred Jobs in Wealth Unit
By Sridhar NatarajanThe wealth management group has about 40,000 workers and is the firm's largest unit, says a person with knowledge of the matter.
February 05, 2024
BofA Cuts CEO Moynihan's Pay 3% to $29M for 2023Morgan Stanley's James Gorman and Wells Fargo's Charles Scharf each received pay hikes of 17% or more last year.
January 29, 2024
Wells Fargo Boosts CEO Scharf's Pay to $29M for 2023Scharf, 58, took the reins of Wells Fargo in 2019 with the mission of moving it past a series of scandals.
January 22, 2024
Morgan Stanley Pays Gorman $37M for Final Year as CEOThree-fourths of Gorman's bonus will be paid in deferred stock over three years. He also received a cash bonus of just under $9 million.
January 19, 2024
16 Top Advisor Credentials: CerulliPeople enter the financial advice industry from a variety of backgrounds and with different areas of expertise.
January 18, 2024
Abundance of Retiring Advisors Means Growth Opportunities"There's an overwhelming need for advisors to pick up some of these practices," says Gateway Financial's David Wood.
January 17, 2024
Merrill Team Forms RIA to Serve 'Family Next Door'The $420 million group is "a great fit for the independent wealth arena," Dynasty head Shirl Penney says.
January 16, 2024
Morgan Stanley Warns of Wealth Unit's Lower MarginsThe wealth business, though, should drive the bank's growth as its pretax margins rise over time, says CEO Ted Pick.