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Andy Sieg - 1 Lindsay Hans - 1 Eric Schimpf - 1 Merrill - 1 Hans - 1 Schimpf - 1 Sieg - 1 Lindsay - 1
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Service - 1 Merrill Wealth Management - 1 behemoth Bank of America - 1 Business - 1 Merrill - 1 Army - 1 UBS - 1 Schimpf - 1

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7 mentions found


☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
  + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +9 min
Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.
Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill
☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
  + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com   time to read: +11 min
Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.
☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
  + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com   time to read: +23 min
In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?
☆ First Republic Advisors Are Fleeing to Firms Like Morgan Stanley
  + stars: | 2023-04-28 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +6 min
First Republic had raided Wall Street wirehouses including Morgan Stanley, UBS, and Wells Fargo for its top wealth advisor talent over the last several years. Now, the embattled bank is seeing an exodus of the talent it lured— and Morgan Stanley is emerging as a winner. Two sources familiar with hiring discussions at Morgan Stanley told Insider that the bank was not matching those top-of-market deals. Morgan Stanley was one of 11 banks to provide a combined $30 billion in uninsured deposits to First Republic. Morgan Stanley revealed in an earnings call that about $19.6 billion in net new assets were attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley.
☆ Morgan Stanley netted nearly $20 billion in new client assets from First Republic and other struggling regional banks
  + stars: | 2023-04-19 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +3 min
Morgan Stanley netted $109.6 billion in new client assets in the first quarter of 2023. Before the hiring binge, Morgan Stanley and other banks gave a $30 billion lifeline to First Republic. Morgan Stanley beat profit estimates with its first-quarter results and got a little boost from the banking crisis. Analyst Steven Chubak of Wolfe Research asked how First Republic advisors flocking to Morgan Stanley had boosted quarterly inflows. That leaves $19.6 billion attributable to advisors and clients fleeing struggling banks like First Republic for Morgan Stanley, a too-big-to-fail institution.
☆ First Republic just got a $30 billion lifeline from JPMorgan and other Wall Street giants. Here's why its problems aren't over.
  + stars: | 2023-03-16 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +5 min
JPMorgan and 10 other banks are depositing $30 billion in First Republic Bank. A white knight has arrived to First Republic Bank's rescue. A consortium of America's biggest banks including JPMorgan Chase, Morgan Stanley, and Goldman Sachs are depositing a collective $30 billion in First Republic. This $30 billion lifeline may not be enough to reassure investors and depositors, and it may be a stopgap measure before a sale. The $70 billion lifeline from JPMorgan announced on Sunday did little to quell investors' concerns, Dahiya noted.
☆ Overwhelming workloads, back-to-office complaints, and frustrations over pay: Why Merrill Lynch's support staff is leaving
  + stars: | 2022-10-26 | by ( Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com   time to read: +13 min
Less visible, though just as much the lifeblood of the firm, are Merrill's client associates. But we're not treated that way, and we're not stupid," an associate who recently left the firm said. "Our client associates are essential to the fabric of the firm, how we serve clients and grow," a company representative said. Yagyaev said client associates were "grossly underpaid" across the industry and their base should really be in the area of $80,000 to $90,000. An advisor who recently left Merrill and worked with CAs said some were leaving for raises of about $30,000 to work at other banks.
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