Wells Fargo, Merrill Lynch and SEC
SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs
According to the SEC's orders, Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs (BDSPs) as the only cash sweep option for most advisory clients and received a significant financial benefit from advisory client cash in the BDSPs.
Bank of America’s brokerage unit reported strong growth, as did the company’s private bank, as executives are emphasizing ...
Merrill and Wells are facing a total of at least 11 lawsuits related to the interest rates in their cash sweep programs, and ...
In the case of Morgan Stanley, the wirehouse wants its financial advisors to increase their banking relationships with ...
The firms failed to consider the best interests of clients when selecting cash sweep programs, the agency said.
Merrill Lynch and Morgan Stanley executives on Thursday discussed plans to further tap in-house banking services in their ...
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 ...
When the Federal Reserve started raising its benchmark rates in 2022, banks kept paying very little on sweep accounts. That ...
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