Corporate governance

The chief executive's pay package comes after a year of high profits and strong stock performance.

The shuffling comes halfway through the longtime CEO's five-year retention package.

The firm credits its ability to recruit highly productive advisory teams for its strong fourth-quarter balance sheet.

Recruiters say the moves show how wirehouses will continue to fight an uphill battle as they struggle to keep experienced teams from moving on in the coming year.

The GameStop saga is long over, but the retail investors who drove it could turn into long-term clients if wealth management firms adapt to changing times.

Industry recruiters see the changes as intended to make client assets and advisory teams "stickier" and to retain executive talent.

The banking giant's plans are an outlier in an industry that has been shedding jobs.

With few new advisors coming into the industry but total U.S. assets growing rapidly, Morgan Stanley, Wells Fargo, Merrill and others are having to up their compensation game and distinguish themselves in other ways if they want to capture a larger share of the wealth pie.

How the big firms compare with each other in their advisor headcounts, assets under management and other attributes.

The firm's wealth and investment unit contributed more than half of the Wall Street giant's profits and revenues for 2023.