Broker-dealer Merrill Lynch, Pierce, Fenner and Smith (MLPF&S) will be paying a $2.8 million fine to the self-regulatory organization, the Financial Industry Regulatory Authority (FINRA), for a variety of alleged reporting violations over several years that the firm acknowledges it is addressing. FINRA officials say they are citing MLPF&S for systemic trade reporting problems, including… Read More >>
BofA/Merrill Lynch Shuffles Execs in Wealth Management
BofA Names New Head of Wealth Management Bank of America reports that John Thiel, current head of Merrill Lynch wealth management, has “decided to step down from his position and will take on a new role as vice chairman of global wealth and investment management (GWIM), effective January 1, 2017.” Andy Sieg, current head of… Read More >>
SEC Fines Merrill Lynch $415M for Misusing Customer Cash
The SEC reports that Merrill Lynch has admitted to illegally using billions of dollars of its customers’ money, on a weekly basis from 2009 until last year, to finance its own trades. The well-known brokerage, owned by Bank of America Corp., will pay a $415 million penalty and admits wrongdoing to settle charges that it… Read More >>
Convergex Names Ops and Strategic Planning Head
Convergex Names Ops and Strategic Planning Head New York-based Convergex, an agency-focused brokerage and trading-related services provider, reports that Jason Emerson has been named managing director and head of operations and strategic planning. In this new position, he will be “responsible for overseeing the firm’s global operational initiatives,” according to a statement, which notes also… Read More >>
