Industry

UBS AG, Switzerland’s biggest bank, said it probably won’t be able to reach its profitability goal in 2015 after the Swiss regulator demanded the company hold more capital for risks related to litigation.

The firms have been sanctioned by the SEC for violating the custody rule that requires them to meet certain standards when maintaining custody of their clients’ funds or securities.

Lawmakers are set to begin debate today on a bill that would delay, perhaps indefinitely, a proposal by the Department of Labor to impose a fiduciary standard on advisors to retirement plans.

The Opsahl Group, led by senior advisor Joseph Opsahl and advisor Chris Hatfield, is leaving Merrill Lynch’s Private Client Group to work with True, a key Dynasty Financial Partners firm in the Pacific Northwest.

JPMorgan has named a former U.S. Bancorp executive as the head of its wealth management business.

Assets held at direct-to-investor accounts have nearly doubled since 2008 and are outpacing growth at traditional channels, according to a Cerulli report.

Raymond James Financial, the brokerage that acquired Morgan Keegan & Co. from Regions Financial last year, posted a quarterly profit that rose 41 percent on a one-time tax benefit.

The industry veteran, who comes from Merrill Lynch, will be president of the firm's registered broker-dealer, ING Financial Partners.

The owners of the world’s largest brokerages say the days of paying big bonuses to lure each other’s brokers and keep their own in place may be ending.

Morgan Stanley picked up two former UBS advisors with a combined $3 million in production.