Merrill, Wells Fargo and SEC

Wells Fargo firms, Merrill Lynch to pay $60 mln to settle SEC charges
The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have agreed to pay a combined $60 million in civil penalties to settle charges over compliance failures.
Wells Fargo, Merrill to Pay $60 Million Penalties Over Cash Sweep Accounts: SEC
Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were profitable for the companies, the SEC said.
Merrill, Wells Fargo to Cough Up $60M over Cash Sweep Programs
Merrill and Wells are facing a total of at least 11 lawsuits related to the interest rates in their cash sweep programs, and at least 33 suits — nearly all filed within the past six months — are pending against other firms, according to an FA-IQ tally of filings.
Wells Fargo, Merrill Fined $60M For Low Cash Sweep Rates, SEC Says
The firms failed to consider the best interests of clients when selecting cash sweep programs, the agency said.
Wells Fargo, Merrill Lynch Pay $60M to Settle Cash Sweep Charges
The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.
Wells Fargo firms, Merrill Lynch to pay $60 million to settle SEC charges
Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to settle U.S. Securities and Exchange Commission charges over compliance failures, the regulator said on Friday.
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.
Wells Fargo, Merrill settle SEC 'sweeps' probe for $60M
Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.
Banks Scrimped on Customer Interest. Now They’re Paying for It.
When the Federal Reserve started raising its benchmark rates in 2022, banks kept paying very little on sweep accounts. That ...
InvestmentNews2d
Morgan Stanley wants loan growth. Merrill sells more alts
In the case of Morgan Stanley, the wirehouse wants its financial advisors to increase their banking relationships with ...
Merrill Lynch Brings More Wealthy Clients to Its Fee-Based Advisory Program
Bank of America’s brokerage unit reported strong growth, as did the company’s private bank, as executives are emphasizing ...
Financial Advisor IQ2d
Merrill, Morgan Stanley Bank on Banking for Wealthy Clients
Merrill Lynch and Morgan Stanley executives on Thursday discussed plans to further tap in-house banking services in their ...
Ex-Merrill Banker Turned M&A Pro Caught Up in Insider Tips Case
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 ...
Bank of America and Merrill Lynch sell $65 in Nuveen fund shares
Bank of America Corp (NYSE:BAC) and its subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. disclosed recent transactions ...
InvestmentNews4d
Ex-Raymond James, Merrill advisors depart for LPL
On Wednesday, the firm announced financial advisors Larry Forlenza and Carl Hanks, who previously oversaw nearly $430 million ...
Financial Advisor IQ6d
Merrill, BofA Add Wealth Execs from Citi, UBS
Merrill Lynch and the Bank of America Private Bank have bolstered their investment solutions group with the hiring of ...