Merrill, Wells Fargo and SEC

Wells Fargo, Merrill to Pay $60 Million Penalties Over Cash Sweep Accounts: SEC
Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were profitable for the companies, the SEC said.
Wells Fargo firms, Merrill Lynch to pay $60 mln to settle SEC charges
The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have agreed to pay a combined $60 million in civil penalties to settle charges over compliance failures.
Wells Fargo, Merrill Cash-Sweep Accounts Shortchanged Clients, SEC Alleges
Investment adviser units of Wells Fargo & Co. and Bank of America Corp.’s Merrill shortchanged customers by funneling uninvested cash into sweep accounts that benefited the banks but not their clients,
Wells Fargo, Merrill settle SEC 'sweeps' probe for $60M
Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.
Wells Fargo, Merrill Lynch Pay $60M to Settle Cash Sweep Charges
The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.
Wells Fargo firms, Merrill Lynch to pay $60 million to settle SEC charges
Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S. Securities and Exchange Commission charges over compliance failures, the regulator said on Friday.
SEC Settles Charges Against Bank of America, Wells Fargo Units
The Securities and Exchange Commission settled charges against units within Bank of America and Wells Fargo that will result in $60 million in total civil penalties. The SEC said the charges were settled against investment advisers Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network as well as Merrill Lynch,
Financial Planning3d
Merrill shrugs off decline in new households as an anomaly
Executives say the Bank of America subsidiary likely benefited from clients in 2023 seeking a safe harbor from teetering ...
Ex-Merrill Banker Turned M&A Pro Caught Up in Insider Tips Case
An ex-Merrill Lynch banker turned in-house deals expert lost a ruling over whether a raid of his home in the Paris suburb of ...
InvestmentNews11d
Merrill sharpens ultra-high-net-worth focus with new advisory group
Roughly two dozen specialists to support Merrill Wealth Management advisors on alts, custom asset allocation, specialized ...
'High-impact' storm, frigid temps to grip region
Disruptive snow followed by potentially record-breaking cold is expected to grip the region beginning Saturday. Snow Saturday morning is expected to change to rain, then back to snow as colder air ...
Merrill Lynch Brings More Wealthy Clients to Its Fee-Based Advisory Program
Bank of America’s brokerage unit reported strong growth, as did the company’s private bank, as executives are emphasizing ...
InvestmentNews3d
Morgan Stanley wants loan growth. Merrill sells more alts
In the case of Morgan Stanley, the wirehouse wants its financial advisors to increase their banking relationships with ...
WealthManagement.com3d
Merrill, Morgan Stanley Wealth Divisions Boost Revenue in Q4
Merrill clients and advisors expanded on their continued interest in alternative investments while Morgan Stanley’s net ...
Merrill Ice Drags making special return this weekend
In a few short days, the wait will be over with the Merrill Ice Drags back in town. Between competitors and fans, their ...