David Carroll News
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Wells Fargo & Co., the largest U.S. bank by market value, named Jim Hays to oversee financial advisers in branches and wealth-management offices in a bid for growth and greater cooperation with the brokerage unit.
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Wells Fargo & Co. ’s head of brokerage operations said banks may reduce the number of investment products offered to customers if regulators impose a fiduciary standard on brokers.
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Wells Fargo & Co., the fourth-largest U.S. bank by assets, is courting families worth $50 million or more with the start of its Abbot Downing advisory unit.
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JPMorgan Chase & Co. , sued by the trustee for Bernard Madoff’s defunct firm for $6.4 billion for allegedly aiding the con man’s fraud, asked a judge to remove the case from bankruptcy court because it raises “novel and unsettled questions” beyond the court’s scope and expertise.
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Wells Fargo & Co. , the fourth-biggest U.S. bank by assets, shuffled regional managers and broadened oversight as part of an effort to streamline the wealth- management unit.
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Malcolm Barnes distributed snacks for 27 years before losing his job in October 2007. After applying unsuccessfully with food companies, he’s taken welding and machining classes and is looking for manufacturing work.
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Wells Fargo & Co. , the fourth- largest U.S. bank by assets, awarded Chief Executive Officer John Stumpf 2011 performance shares worth about $12 million.
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Bank of New Zealand, a unit of National Australia Bank Ltd. , may seek to raise as much as NZ$400 million ($274 million) from the nation’s first sale of covered bonds, according to a person familiar with the plan.
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Morgan Stanley , owner of the world’s largest brokerage, hired 100 bankers to offer more products such as jumbo mortgages and structured loans to Morgan Stanley Smith Barney clients and may quintuple their numbers by the end of 2011, a person with knowledge of the strategy said.
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Bank of America Corp . and Wells Fargo are pushing their customers to buy more brokerage, savings and banking services from them as the weak economy and new regulations make it harder to earn money from loans and investment banking.
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