J. P. Morgan Chase has announced plans to cut 17,000 jobs over a two-year period and cut $1 billion of expenses this year. The announcement was made at an Investor Day presentation in New York. The bank employs nearly 260,000 people worldwide. Over the past several years, CEO Jamie Dimon reportedly had been adamant that […]
Financial advisers continue to object to a recent rule that grants securities regulators more access to potentially relevant documents under the adviser’s control. The Securities and Exchange Commission has approved a rule change proposed by the Financial Industry Regulatory Authority (FINRA) that significantly increases FINRA’s ability to discover a member firm’s documents. FINRA is now […]
Merrill Lynch has agreed to pay $12 million to settle wage and hour class action lawsuits filed by employees seeking compensation for overtime. The period in dispute is between 2010 and 2012. The employees are referred to as “client associates,” whose job is to support the financial advisers by serving clients and developing new business […]
The number of brokers switching firms is expected to be higher than average this year for a number of reasons. Among the reasons is a proposed new rule requiring brokers to disclose signing bonuses to clients, which is viewed as very likely to be approved. If brokers switch firms before the rule becomes effective, they […]
The internet (like automation) is a blessing and a curse. On the curse side, sometimes bad things happen to good people. A financial adviser may be named in a splashy lawsuit and then quietly dropped later when it turns out others were to blame ? but the original story pops up on page 1 of […]
UBS has announced a major a cost-cutting overhaul that will eliminate 10,000 jobs. The positions will be eliminated mostly from its investment banking division. UBS cited increased regulatory capital requirements and persistent problems in the global economy as reasons for the cuts. The move also follows scandals involving the investment banking division, including a $2.3 […]
Serious questions have been raised regarding the accuracy of the United States reported 8.1 percent unemployment rate. In fact, one respected expert has stated that the real unemployment rate in the United States is probably 16 percent.
History can teach us a lot about how to live better in the present. Rarely does one hear any reference to past mistakes or even the past successes that could best resolve our current problems. In the world of capitalist economics this country has decided to embrace the “me” rather than the “we”. Granted capitalism […]
While sometimes perception and reality are the same, perception and reality are very different when it comes to the lifestyle expectations of ordinary Americans. Ever since World War II there has been the expectation of upward mobility for future generations. That is how we see ourselves. Realistically that is not true anymore. The rich are […]
For the 13 million jobless workers, life is about to get worse. For the economy, there will be less money in circulation. The Great Recession wiped out a great number of jobs, many of which will not be coming back. Recovery is slow to non-existent here and abroad. Recent Federal law mandating cuts in spending […]
