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Morgan Stanley's sprawling wealth management unit could add some $3 trillion in five years. He sees client asset growth by adding new clients in different ways, like through the workplace. Morgan Stanley's wealth management unit could add some $3 trillion in client assets in the next five years as the business adds new ways of reaching clients, the firm's co-president said Monday during a presentation. A breakdown of the $8 trillion Morgan Stanley is targetingMorgan StanleyMorgan Stanley's wealth unit reported $4.2 trillion in client assets through the end of March, which has doubled in the last five years. Bank of America's $2.9 trillion wealth manager, Merrill Lynch, and its private bank have renewed efforts to link financial advisors and the wider bank more closely.
Persons: Morgan, Andy Saperstein, Morgan Stanley, Saperstein, Morgan Stanley Morgan, Morgan Stanley's, — Eaton Vance, Merrill Lynch, Katy Knox Organizations: Bank of Locations: New York
Ray McGuire is a former Wall Street executive who is running for New York City mayor. McGuire wants to enact a job accelerator program that would bring back 50,000 positions at small businesses. New York City may be a preeminent global financial capital, but the city runs on its small businesses. "I want to have the greatest, most inclusive comeback in the history of New York City," he said. There'd be a shot clock, which would put some discipline into when the city responds to applications from small businesses.
Persons: Ray McGuire, McGuire, Merrill Lynch, He'd, Morgan Stanley, Bill de Blasio, You've, David Dee Delgado, We'll, Red, they're, I've, de Blasio, de, hasn't Organizations: Wall Street, New York City, City, New, Partnership, Democratic, Harvard University, Citigroup, Mayoral, Network's, Asian, doer Locations: New York, New York City, Dayton , Ohio, . New York, York City, Queens, Coney, Brooklyn, Lower Manhattan
Economist David Rosenberg believes the bond market is getting inflation right and yields shouldn't trade at higher levels. His reasoning: Inflation as a temporary phenomenon caused by enormous pent-up demand and supply chain issues connected to the coronavirus pandemic. But it's pretty easily explainable," the Rosenberg Research president told CNBC's "Trading Nation" on Friday. So far, the bond market is shrugging off inflation. In late February on "Trading Nation," Rosenberg called the bond market "radically oversold" and predicted the 10-year yield would retreat to 1%.
Persons: David Rosenberg, CNBC's, Rosenberg, Merrill Lynch's Organizations: Rosenberg Research
Factbox: Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) + 0.94   time to read: +1 min
(Reuters) - Bank of America Corp Chief Executive Brian Moynihan has been at the helm for more than a decade, having guided the bank out of a financial crisis and transformed it into a nimbler operation. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Carlo Allegri, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Reuters, Bank of America Corp, of America, REUTERS, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Manhattan, New York City , New York, U.S, Wells
FACTBOX-Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) + 0.99   time to read: +1 min
Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Alastair Borthwick, president of global commercial banking and head of wholesale credit. Mark Chancy, formerly of SunTrust Banks Inc and now a Wells Fargo & Co director. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Bank of America Corp, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Wells
All of it has meant plenty of work for fintech bankers. Still, there are plenty of banks making waves in the fintech space. But the role ESG plays in financial technology has become more pronounced in recent months. Kelly Galanis, Goldman SachsRole: Head of financial technology investment banking, AmericasDeals worked on: Shift4 Payments IPO; Duck Creek IPO; Lemonade IPOKelly Galanis. Houlihan LokeyFintech has become such a massive industry that some investment bankers are building entire practices based solely on smaller subsectors with big potential.
Persons: dealmakers, Dealogic, fintech IPOs, fintech, Rick Diamond, Citigroup Rick Diamond, Diamond, Jonathan Dubroff, Jonathan Dubroff's, Dubroff, SG, Dubroff's, He's, fintechs, we've, Kelly Galanis, Goldman Sachs, megadeals, what's, Galanis, COVID, Kegan Greene, Houlihan Lokey, Thomas H, Insurance Technologies Kegan Greene, Houlihan Lokey Fintech, I've, Greene, Houlihan Lokey's, Jason Gurandiano, Foley, Gurandiano, Brennin Kroog, Kroog, It's, Keefe, Keith Meyers, eMBS Keith Meyers, KBW, it's, Meyers, You've, Raymond James, Ben Tompkins, Jigar Patel, Morgan Stanley, Patel, Morgan Stanley's, Matthew Sharnoff, Bill Me, Bank of America Matthew Sharnoff, Sharnoff, Merrill Lynch, Nate Stulman, PJ Solomon, PJ Solomon Nate Stulman, Stulman, Stifel Ben Tompkins, Tompkins, Henry Ansbacher, Jefferies, Draper, Stifel, there's, Tommaso Zanobini, Bloomberg Tommaso Zanobini, Zanobini, they've Organizations: Street, FIG, fintech, Citigroup, Transaction Services, ESG, BMO Capital, Delta Card Services, First Data Corporation, Deloitte, SG Cowen, BMO Capital Markets, Barclays, Shift4, Insurance Technologies Kegan, RBC Capital, RBC Capital Markets, Deutsche Bank, Credit Suisse, Lazard, Visa, Plaid, T Bank, People's, Corp, Morgan Keegan & Company, Stifel, Capital, ING, USA, Bank of America, Interactive, Vista Equity Partners, TD Bank, American Express, CIBC, TD, Nordstrom, Moelis, Greenhill & Co, Broadview International, Eden Ventures, Draper Esprit, IB, America, Banco Santander S.A, Trebia, Bloomberg, Lehman Brothers, Deutsche Bank —, & $ Locations: fintech, Europe, Latin America, India, Asia, Atlanta, SPACs, Americas, American, Canadian, BankMobile, York, London, KBW, New York, Pacific, America, Synchrony, Moelis
BlackRock, the largest money manager, is an increasingly influential player in Washington, DC. BlackRock, the world's largest investment manager, has become an increasingly influential Wall Street player in Washington, DC as a poster child of the revolving door between finance and politics. Former BlackRock investment executive Brian Deese leads Biden's National Economic Council, effectively serving as his top advisor on economic matters. BlackRock controls $9 trillion, making it the largest money manager in the world. BlackRock Chief Executive Larry Fink was reportedly under consideration by 2016 presidential candidate Hillary Clinton to run the Treasury Department.
Persons: Joe Biden's, Brian Deese, Biden, Wally, Adeyemo, Larry Fink, Michael Pyle, Obama, Kamala Harris, Goldman Sachs, BlackRock isn't, Read, it's, Fink, Robert Kapito, Barbara Novick, BlackRock's, Larry Fink's, Aladdin, Deese, Barack Obama, Pyle, Thomas Donilon, Mike, Biden's, BlackRock, Dalia Blass, Blass, Coryann Stefansson, FMA, that's, Bear Stearns, Chuck Grassley, Morningstar, , Hillary Clinton, David Rubenstein, I've, I'm, Merrill Organizations: BlackRock, Washington , DC, Insider Finance, New, Economic Council, Treasury Department, Wall, Aladdin, Financial Times, Street Global Advisors, Apple, Microsoft, National Economic Council, Management, State, Securities and Exchange Commission, Federal Reserve Board, Federal Reserve Bank of New, BlackRock's Financial, LinkedIn, Federal Reserve, Federal, Federal Reserve Bank of New York, Bear, AIG, Republican, New York Times, Fidelity, Vanguard, Exxon, DC, Barclays Global Investors, Barclays, Merrill Lynch Investment Management, Biden Locations: Washington ,, BlackRock, Washington, New York, China, Federal Reserve Bank of New York, California, eFront
Peloton is gearing up for its next phase, which will include new products and marketing. Peloton CFO Jill Woodworth shared what's next for the company and why it will maintain momentum. Peloton isn't concerned about losing its momentum in 2021, despite gyms and smaller boutique fitness studios reopening as the world moves toward a post-pandemic future. According to Chief Financial Officer Jill Woodworth, Peloton has "solved the problem of getting around port congestion" and alleviated production woes. According to Woodworth, 80% of pre-pandemic Peloton customers were not in the market for exercise equipment before purchasing a bike or treadmill from the company.
Persons: Jill Woodworth, Woodworth, Bank of America Merrill Lynch, bode, Atlas Organizations: US Consumer Product Safety Commission, Bank of America, Global Technology Conference Locations: Ohio
Digital banking services won big during the pandemic as consumers flocked to online alternatives to meet their needs. The pandemic accelerated adoption of digital banking services across all age groups, not just among young people. Some 89% of banking customers overall now use mobile banking tools, including 79% of baby boomers, per Insider Intelligence's Mobile Banking Competitive Edge Study released this February. Banks benefited massively this year from this year's uptick in demand for digital services. Fast-moving fintech startups and disruptors outside the financial services industry have challenged incumbents to invest heavily in digital transformation.
Persons: Michael Tang, Tang, Carter Johnson, David Tyrie, Banks, Tyrie, BofA, Merrill Lynch Organizations: Industry, Finance, Deloitte, Banking, Bank of America, of America, omni Locations: individualization
New York City will have a new mayor as Bill de Blasio hits his term limit. Controversies and notable items: Since launching his mayoral campaign, Yang has been under much heavier scrutiny than he faced while running for president. Eric AdamsBrooklyn Borough President and Democratic New York City mayoral candidate Eric Adams. Dianne MoralesNonprofit executive and Democratic New York City mayoral candidate Dianne Morales. Shaun DonovanNew York City mayoral candidate Shaun Donovan.
Persons: Bill de Blasio, pollsters —, Marist —, Andrew Yang, Eric Adams jockeying, Kathryn Garcia, Mark Lennihan, Yang, Davis, Kaplan, Tusk, Bradley Tusk, Eric Adams, Andrew Katz, John Jay, Adams, Spencer Platt, Garcia, Dianne Morales, Morales, Member Carlos Menchaca, Hunter Walker, Walker, Scott Stringer, de, Gracie, Stringer, Jerry Nadler, de Blasio, endorsers, Adriano Espaillat, Maya Wiley, Donald Trump's, Robert Mueller's, George Wiley, Wiley, Dermot Shea, Hakeem Jeffries, Alexandria Ocasio, Ray McGuire, McGuire, Wasserstein Perella, Merrill Lynch, Morgan Stanley, Michael Bloomberg, Gregory Meeks of, Jay, Gwen Carr, Eric Garner, Shaun Donovan, Andrew Lichtenstein, Harvard University —, Bill Clinton, Donovan, Barack Obama, Obama Organizations: Democratic, New, Quinnipiac, Marist, Brooklyn Borough, NYC, The New York Times, New York Daily News, Andrew Yang Democratic, AP, IBM, Philips Exeter Academy, Brown University, Polk, Columbia University, Manhattan Prep, Venture for America, Bank, Rivals, Eric Adams Brooklyn Borough, Democratic New York, Pacific Press, Getty, Black Brooklyn Borough, Bayside High School, New York City College of Technology, John, John Jay College of Criminal, Marist College, New York Times, Kathryn Garcia Democratic New York, Stuyvesant High School, University of Wisconsin, Department of Sanitation, Department of Environmental, Environmental, Water Supply, Waste Equity Law, The New York Times Editorial Board, Phipps, SUNY, SUNY Stony Brook, Harvard Graduate School of Education, Latina, Member, Police, Fund, NYPD, The, Reuters, Gracie Mansion, Upper West Side, Intercept, Maya Wiley Democratic New York, NBC News, MSNBC, Dartmouth College, Columbia Law School, NAACP, Milano School of Policy, Management, New School, Deal, Progress, New York City Housing Authority, Democratic Reps, Citigroup, Hotchkiss School, Harvard University, Boston, Credit Suisse, Wall, Brooklyn, Shaun Donovan New York, Community Preservation Corporation, Multifamily Housing, Department of Housing, Urban Development, New York City Department of Housing Preservation, Development, Housing, Budget, Hurricane, Force Locations: York, pollsters — Siena, Brooklyn, Schenectady , New York, New York City, Somers, America, New Hampshire, Eric Adams Brooklyn, Democratic New York City, Brownsville , Brooklyn, Queens, New, Adams, Kathryn Garcia Democratic New York City, Yorker, Madison, New York, South Bronx, SUNY Stony, Brooklyn's Bedford, Stuyvesant, de Blasio, Manhattan, Maya Wiley Democratic New York City, Deal New York, Alexandria, Cortez, Dayton , Ohio, Connecticut, Boston, Shaun Donovan New York City
Rakoff said the justice system has "serious problems" that can be fixed. But that hasn't stopped Judge Jed Rakoff of the Southern District of New York from speaking out about what he sees as serious problems in the justice system. Earlier this year, Rakoff published a book, "Why the Innocent Plead Guilty and the Guilty Go Free," that describes issues with the justice system. America needs more judges, and the judges need more powerMuch of the justice system, from police investigations to plea bargaining, has little judicial oversight. If America had more judges, they could devote more time to cases, and junior or magistrate judges could mediate plea bargains, Rakoff said.
Persons: Jed Rakoff, Rakoff, hasn't, Jan Rakoff, Merrill Lynch, he's, It's, Robert Morgenthau, couldn't Organizations: Southern, of, Bank of America, Securities and Exchange Commission, SEC, Citigroup, Magna Carta, Prosecutors, Pfizer, Manhattan Locations: of New York, Philippines, Wall Street, Bank, America, United States, Connecticut, Florida, New York, Washington, Utah
Amanda Agati, PNC Financial's chief investment officer, lists stretched market valuations, Federal Reserve taper chatter and the end of stimulus checks as troubling forces in the market. Meanwhile, Agati is finding the bond market's equivalent of the VIX, the Merrill Lynch MOVE Index, is sitting at spring 2020's highs. Agati warns the two trends spell bigger price swings ahead. "We're likely to see larger than normal price swings," said Agati, who has $175 billion in assets under management. "I don't really believe that inflation is the key risk in terms of the path forward for the markets," Agati said.
Persons: Amanda Agati, Agati, Merrill Lynch, we've Organizations: PNC Financial's Locations: Wall, United States
Rockefeller Capital Management, the wealth firm built from the 139-year-old Rockefeller family office, is growing at a breakneck pace. Heather Flanagan, head of trust, fiduciary and family office services for Rockefeller Capital Management. Rockefeller Capital ManagementRockefeller Capital Management has four business lines: asset management, strategic advisory, family office services, and private wealth management. The family office division typically handles clients with a minimum of $50 million invested, though there isn't a set minimum. For one family, Rockefeller designed a financial literacy program for the next generation of a family for the young heirs.
Persons: Greg Fleming, Rockefeller, Heather Flanagan, what's, Morgan Stanley, Merrill Lynch, It's, we've, Flanagan, Tim O'Hara, Tim Laffey, Biden Organizations: Rockefeller Capital Management, Wall Street, Rockefeller, Whitnell, UBS, HSBC Private Banking, Rockefeller Capital Management Rockefeller Capital Management, Family, SpaceX, DC, Democratic Locations: New York, Wells Fargo, New York City, Saratoga , NY, Boston , Connecticut, View , CA, Chicago, Philadelphia, Washington, Silicon, Delaware
The Wall Street Players Who Worry Inflation Heralds Wild Markets
  + stars: | 2021-06-01 | by ( Paul J. Davies | ) sentiment -0.99   time to read: +1 min
Some investors are preparing for wild swings in financial markets, worried that inflation, and the Federal Reserve’s pledge to let it rise, will lead to a more volatile world. The reason: The economic policies aiming to create inflation now are the opposite of the ones that kept markets relatively stable for decades. Simplify Asset Management recently launched the Interest Rate Hedge ETF, which will seek to take advantage of what its backers see as a titanic shift in markets and is designed specifically to gain from rising longer-term Treasury yields. That is high compared with current seven-year Treasury yields of about 1.25%. But at higher levels of rates, between 3.5% and 5%, stock and bond prices become more volatile and move in sync—so this ETF is meant to protect investors from that outcome too, Mr. Bassman said.
Persons: Harley Bassman, Merrill Lynch, Bassman Organizations: Management
Brian Moynihan, the chief executive of Bank of America. Joshua Roberts/ReutersBank of America has lost dozens of salespeople from its mortgage unit, sources say. FG Trade/Getty ImagesThe firm said it would ban cold calling, shorten the program, and aim for high graduation rates. Ronit Ghose, Marion Laboure, Yassine Elmandjra, and Lisa Shalett. Citi; Deutsche Bank; ARK Invest; Courtesy of Lisa Shalett; Shayanne Gal/InsiderThe pros told us how they became involved with crypto research, and shared their industry outlooks.
Persons: Merrill Lynch, Brian Moynihan, Joshua Roberts, Ralph Sutton, Aviva Will, Brandon Baier, Stuart Grant David Lubarsky, Shane Nelson, Marianne Ayala, Merrill, Ronit Ghose, Marion Laboure, Yassine Elmandjra, Lisa Shalett, Shayanne Organizations: Finance, Bank, Bank of America, Reuters Bank of America, Aviva, Contingency, Litigation, Citi, Deutsche Bank, ARK
Teams of Morgan Stanley financial advisors are growing in size and sophistication. That's according to Vince Lumia, one of the firm's top wealth management executives. The lives of Morgan Stanley wealth management clients are getting more complicated. Their financial advisors are acting accordingly, one of the firm's most senior wealth management executives said on Thursday. This structure can also make it easier to integrate newer financial advisors into the business.
Persons: Morgan Stanley, Vince Lumia, Lumia, That's, Merrill, , wirehouses Morgan Stanley, We've, Andy Sieg Organizations: Securities Industry, Financial Markets Association, Merrill Lynch Wealth Management, UBS, Wells, Rockefeller Capital Management, LPL Locations: Wells Fargo
BofA's Savita Subramanian on the best positions to hedge against inflation
  + stars: | 2021-05-28 | by ( ) + 0.60   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's Savita Subramanian on the best positions to hedge against inflationSavita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch, joined "Squawk Box" on Friday to discuss which sectors she thinks are best to invest in — and avoid — in order to hedge against inflation.
Persons: Subramanian, Savita Subramanian, Bank of America Merrill Lynch Organizations: Bank of America
BofA's Savita Subramanian on how to play the recovery amid inflation fears
  + stars: | 2021-05-28 | by ( ) + 0.86   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's Savita Subramanian on how to play the recovery amid inflation fearsSavita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch, joined "Squawk Box" on Friday to discuss her outlook on the market as investors strategize how to play the recovery.
Persons: Subramanian, Savita Subramanian, Bank of America Merrill Lynch Organizations: Bank of America
Bank of America is facing an exodus in its mortgage business. Susan Atran, a spokesperson for Bank of America, said the bank is seeing normal attrition over the last year, but didn't cite any figures. Whalen added that if Bank of America really wanted to be competitive in the mortgage business, it would do more to support its mortgage salespeople. Few people made the change, and some began to look for opportunities outside the bank, according to four people. The resulting conversation, the person said, is thus effectively staged for anyone listening to the recorded line.
Persons: Brian Moynihan, Susan Atran, Elizabeth Warren, Christopher Whalen, Whalen, Merrill Lynch, Atran, Salespeople, Wells, Merrill, griped, didn't, Steve Boland, Boland, He's, execs, it's, he's Organizations: of America, Bank of America, Inside Mortgage Finance, Bank of America's, Countrywide Financial Corp, realtors, Solutions, Bank of, Nationwide Locations: New England, Bank of America, Wells Fargo
I'm Dan DeFrancesco, and here's what's on the agenda today:Merrill Lynch just made massive changes to its storied financial advisor training program. Schonfeld nabs a former Citadel and Balyasny macro head for a new division at the $7.8 billion hedge fund. From vacation incentives to cash bonuses, here's what consulting firms are offering up to employees after a year of long hours stuck at home. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Lancaster will start a new macro investing unit at the $7.8 billion firm.
Persons: I'm Dan DeFrancesco, here's what's, Merrill Lynch, nabs Organizations: Finance, Citadel Locations: . Lancaster
Bank of America Corp.’s Merrill Lynch Wealth Management unit is banning trainee brokers from making cold calls, a vestige of an era when the industry pushed hot stocks on anyone who would pick up the phone. Merrill on Monday rolled out a revamped adviser-training program that prohibits participants from cold calling and directs would-be brokers to use internal referrals or LinkedIn messages to land clients instead. “We are leaning much more heavily on leads and referrals from the broader company,” Merrill President Andy Sieg said in April. Participants who fail to meet the goals are kicked out or moved to other roles in the bank. Successful recruits often had extensive personal networks and were less reliant on cold calling, trainees said.
Persons: Merrill Lynch, Merrill, ” Merrill, Andy Sieg, Organizations: of America Corp, Merrill Lynch Wealth Management
A new galaxy, no more cold calls and time for a bite of $BYND?
  + stars: | 2021-05-24 | by ( ) sentiment -0.99   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA new galaxy, no more cold calls and time for a bite of $BYND? Virgin Galactic's stock hits a new stratosphere following its latest successful space flight, Alliance Bernstein says investors should take another bite of Beyond Meat shares and Merrill Lynch is reportedly saying goodbye to cold calling for new business.
Persons: Bernstein, Merrill Lynch
Wells Fargo has recruited a new managing director to handle client relationships across its CIB. Wells Fargo CEO Charlie Scharf recently said the bank is looking to cross-sell products across the bank. Wells Fargo just hired a managing director from Merrill to navigate client relationships across its corporate and investment bank, Insider has learned. Courtesy of Wells FargoAt Wells Fargo, Bell will serve as a senior relationship manager, working with product partners across the CIB and broader bank. A spokesperson for Wells Fargo confirmed the news of Bell's arrival at the firm.
Persons: Wells Fargo, Charlie Scharf, Merrill, John Bell, Judith Barry, Bell, Wells, Scharf Organizations: Bell, Merrill Lynch Wealth Management, Wells, Bank of America, Bank of America's, Council Locations: Americas, Wells Fargo, Wells, Bell
Wealth head and longtime executive Andy Saperstein will become co-president with Ted Pick. Andy Saperstein, head of wealth management, will become co-president of Morgan Stanley alongside Ted Pick, who has led the firm's institutional securities business. Jed Finn, chief operating officer of wealth management who heads up corporate and institutional solutions within the wealth business, will join the bank's operating committee. He became head of US wealth management when Morgan Stanley took over brokerage Smith Barney from Citi during the financial crisis. I am delighted to announce that Todd Pick and Andy Saperstein have been named Co-Presidents of Morgan Stanley.
Persons: Morgan Stanley, Andy Saperstein, Ted Pick, James Gorman, Gorman, Jed Finn, Saperstein, Merrill Lynch, Smith Barney, Dan Simkowitz, Simkowitz, Eaton Vance, Ken Leon, Jon Pruzan, Sharon Yeshaya, Shelley O'Connor, Mike Pizzi, O'Connor, Todd Pick, Ted, Andy, Dan, Jon, CEFO, Sharon, Shelley, Shelly, Eaton Vance —, Jed, Mike Organizations: Citi, CFRA Research, Wall Street, Bloomberg, Institutional Securities, Firm, Wealth Management, Financial Advisors, Firmwide Marketing, Investment Management, Technology, Operations, U.S, Banks, Corporate Services, Finance, Staff, External Affairs, Community Affairs, Corporate Affairs, Global Sustainable Finance, Corporate, Institutional Solutions, Management Locations: New York, United States
SoFi and Robinhood will have to compete with other brokerages for access to flashy public offerings. Retail brokerages — like Schwab, TD Ameritrade, and E-Trade — offering their customers shares from IPOs is nothing new. Customers of SoFi will need a minimum account balance of only $3,000 (and to be a SoFi Active Invest customer) to participate in IPOs. Robinhood customers can buy into IPOs before they trade on public exchanges and, most notably, need no minimum account balance to participate. In a statement accompanying the IPO access announcement, SoFi said the firm already "anticipates offering several initial public offering securities in the coming months."
Persons: Robinhood, they're, Schwab, TD Ameritrade, Charles Schwab, Ameritrade, Wall, SoFi, Jay Ritter, Ritter, Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch, , Larry Tabb, Trace Schmeltz, Schmeltz, Tabb, Anthony Noto, Noto, Chris Lapointe, Michelle Gill, Kim Posnett Organizations: underwriters, Retail, Fidelity, University of Florida, nab, Bank of America, Bloomberg, Barnes, Thornburg, IPOs, Twitter, Goldman, SoFi, Uber, TPG's Sixth Street Partners Locations: IPOs, SoFi, securitization, , Goldman
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