Regulator says a new compliance manager instructed investigators in its broker-dealer’s anti-money laundering group to file fewer suspicious-activity reports on international customers.
To assuage advisors losing exclusive access to promised Credit Suisse syndicate product, Wells Fargo to offer forgivable loans.
Firm tells managers that as of Friday it will drop out of the Protocol for Broker Recruiting, opening the gates to potential litigation if people who leave contact clients within a year.
Wells Fargo Advisors goes to court to prevent client solicitations by veteran who it alleges lost his right to protections of the Protocol for Broker Recruiting by registering his new firm without permission last summer.
Broker claims he was eased out of referral program after a client of his branch manager requested his help.
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.
Brokers in firm’s private client and independent channels “misunderstood and improperly sold” volatility-linked exchange-traded products, regulator says.
For the first time since fake-account scandal at its sister bank exploded a year ago, Wells Fargo Advisors added more brokers than it lost last quarter.
CS brokers who were offered near-exclusive five-year access to Swiss bank’s equities offerings at Wells have been told that their future allocations will be greatly diluted.