As wealth management firms press the pedal on lending to wealthy clients, they are finally having to spend more on what they are paying to fund the loans.
Asset-based fee accounts helped generate 6% revenue rise in third quarter at Bank of America’s global wealth and investment management division.
Five former employees at a Princeton-area branch have left in recent weeks to join former branch manager Robert Beylickjian at rival firm.
A New Jersey employee brings class-action lawsuit alleging that Merrill and Bank of America intentionally misclassified dozens of people to avoid paying them for extra hours spent reviewing brokers’ correspondence.
The firm filed two lawsuits on Thursday to restrain a former manager near Princeton, NJ, from soliciting brokers and a broker he allegedly recruited from soliciting inherited-account clients.
Maurice Storch and Mark Mattingly, who have worked together for 13 years at UBS and, for the past eight years at JPM, set up at Merrill on Monday.
Former high-producing Minnesota broker is serving 50 months for bank fraud in which he repeatedly used his Merrill account as collateral.
Long-time Merrill Lynch+ signature credit card is discontinued in favor of new Bank of America rewards offer.
Faced with sluggish growth of new customer accounts, the big broker-dealer will disclose a compensation program a month early that is expected to punish net household account diminution and reward increases.