Hugh Son

Morgan Stanley is in “advanced discussions” with the IRS to resolve any client tax underpayments, according to an SEC filing.

The wirehouses have been offering packages worth 200% to 250%, down from previous highs around 350%.

The move is intended to better satisfy clients who are increasingly asking for more clarity, according to the firm.

The wirehouse will make “many” of the pricing and product design changes it planned last year, include lowering commissions for trades involving stocks and ETFs “to the benefit of our clients,” according to an internal memo.

James Gorman earned $22.5 million after the firm made progress toward financial targets and its stock rose by a third.

Silicon Valley-based Addepar says it is in talks with other wirehouses for use of its software, too.

The bank has already taken action in instances of staff misbehavior, according to Chief Financial Officer Marianne Lake.

The lawsuit highlights a friction that exists at financial-services firms that put employees into their own product.

Banks are racing to incorporate new technology to fend off new entrants seeking to steal established firms’ customers.

Vice Chairmen Dan Cummings and Sam Chapin, who helped meld the wealth management firm to the bank after the financial crisis, are stepping down.

The new independent practice shares a co-founder with Palantir, a CIA-backed data-gathering firm.

The wirehouse is making a big push to grab billions in clients' deposits held at rival firms.

Top executives including Morgan Stanley's James Gorman and Wells Fargo's CFO John Shrewsberry said they must develop robos to complement their sales forces.

The CEOs of Goldman Sachs and Morgan Stanley are getting smaller pay days after shares for both of their firms undperperformed.

The wirehouse is asking Credit Suisse advisors to sign a 13-year contract before joining the wirehouse – much longer than the industry standard, according to people familiar with the matter.

A top Wells Fargo executive said there's a "feeding frenzy" for some of the Swiss lender's top producers, at the same time the wirehouse is courting more than 200 of the elite recruits.

The wirehouse is developing an automated investment prototype for Merrill Edge, its discount brokerage for accounts under $250,000.

Allowing Brian Moynihan to serve as both CEO and chairman of Bank of America would "concentrate too much responsibility in a single person," proxy advisor Glass Lewis says.

The firm sent a memo to advisors telling them to withdraw about $80 million from a fund because of illiquid investments and elevated volatility, according to two people familiar with the matter.

James Simons, who founded Renaissance Technologies, hired Ashvin Chhabra to run his family office, leading to a shift in executive roles at Bank of America Merrill Lynch.